# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 96.9% Benchmark = 96.3% (not meaningful for coverage below 50%)
For more information about the methodology, please read the section 'ESG Metrics Definition' below

## Fund Manager
Johann PLE
Rui LI - Co-Manager
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Portfolio* (-17.04%)	Benchmark (-16.68%)
Data is rebased to 100 by AXA IM on the graph start date.
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.
| Performance & Risk  (Continued) Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 8.66 | 8.02 | 6.62 | 5.70 |
| Benchmark Volatility (%) | 8.91 | 7.56 | 6.34 | 5.46 |
| Relative Risk/Tracking Error  (%) | 1.77 | 1.30 | 1.04 | 0.91 |
| Sharpe Ratio | -1.69 | -0.60 | -0.16 | -0.06 |
| Information Ratio | 0.31 | 0.62 | 0.47 | 0.32 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18	Launch |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portfolio* | 2.82 | 4.48 | -5.76 | 2.82 | -17.04 | -10.99 | -15.38 | -4.53 | 2.70 | 7.21 | 0.07 | -11.07 |
| Benchmark | 2.49 | 3.04 | -6.67 | 2.49 | -16.68 | -8.79 | -15.09 | -4.29 | 2.52 | 8.19 | 1.19 | -6.51 |
| Excess Return | 0.33 | 1.43 | 0.91 | 0.33 | -0.35 | -2.20 | -0.29 | -0.25 | 0.18 | -0.98 | -1.12 | -4.56 |


## Annual Calendar Performance (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -19.60 | -2.95 | 5.28 | 6.25 | -1.89 | -0.03 | 1.46 | - | - | - |
| Benchmark | -18.70 | -3.00 | 5.30 | 6.95 | -0.71 | 1.51 | 2.02 | - | - | - |
| Excess Return | -0.90 | 0.05 | -0.02 | -0.70 | -1.19 | -1.54 | -0.56 | - | - | - |

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 |
| Bundesrepublik Deutschland 08/15/2050 | 2.20 | Germany | 27.0 | 0.59 |
| France Government Bond OAT 1.75% 06/25/2039 | 2.09 | France | 13.6 | 0.28 |
| France Government Bond OAT 0.5% 06/25/2044 | 1.29 | France | 19.3 | 0.25 |
| European Investment Bank 3.3% 02/03/2028 | 0.87 | Supra National | 4.5 | 0.04 |
| EDP - Energias de Portugal SA VAR 07/20/2080 | 0.75 | Portugal | 2.0 | 0.02 |
| Italy (Republic of) 1.5% 04/30/2045 | 0.70 | Italy | 16.9 | 0.12 |
| KFW 0.875% 09/15/2026 | 0.70 | Germany | 3.4 | 0.02 |
| Ferrovie dello Stato Italian SpA 0.375% 03/25/2028 | 0.68 | Italy | 4.9 | 0.03 |
| European Union 2.75% 02/04/2033 | 0.67 | Supra National | 8.6 | 0.06 |
| Belgium Government Bond 1.25% 04/22/2033 | 0.65 | Belgium | 9.2 | 0.06 |
| Total (%) | 10.61 |  |  |  |

Companies shown are for illustrative purposes only at the date of this report and may no longer be in the portfolio later. It should not be considered a recommendation to purchase or sell any security.

## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| Financial | 25.93 | 18.48 |
| --- | --- | --- |
| Industrials | 21.59 | 17.91 |
| Quasi & Foreign Gvt | 20.28 | 29.70 |
| Utility | 19.58 | 16.91 |
| Sovereign | 10.56 | 16.84 |

Other	0.34	0.00
Cash	1.73	0.14
3
2
1
Quasi &
Foreign Gvt
Industrials
Utility
Sovereign
Financial
0
Port.	1.6	1.3	1.1	1.1	1.0
Bench.	2.0	1.0	1.1	2.2	0.6

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 16.91 | 12.44 |
| --- | --- | --- |
| Italy | 9.86 | 4.47 |
| United States | 9.73 | 10.05 |
| Spain | 8.99 | 5.53 |
| Germany | 8.02 | 14.24 |

1.8
1.5
1.2
0.9
0.6
0.3
y
l
y
r
0.0
| Supra National | 6.69 | 10.19 |  |  | France | erman | United States Supra ationa | Spain Ital herlands | United ingdom | Canada Othe |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Netherlands | 5.95 | 6.62 |  |  |  | G | N | Net | K |  |
| United Kingdom | 5.41 | 3.91 |  | Port. | 1.3 | 0.8 | 0.6	0.5 | 0.4	0.4	0.3 | 0.3 | 0.2	1.3 |
| Portugal | 3.38 | 0.61 |  | Bench. | 1.2 | 0.9 | 0.8	0.8 | 0.3	0.3	0.5 | 0.4 | 0.2	1.5 |
| China | 3.32 | 3.63 |  |
| Other | 20.02 | 24.74 |
| Cash | 1.73 | 0.14 |
| Maturity Breakdown (%) |  |  |

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	1.73	0.58	11.46	24.43	18.81	17.37	14.36	11.26
Benchmark	0.14	3.63	16.38	21.48	13.58	18.43	16.70	9.65
Portfolio Analysis 
(Continued)

## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Cash
Portfolio	12.77	12.18	19.76	45.81	7.36	0.40	-	1.73
Benchmark	22.89	21.39	22.96	32.30	-	-	0.32	0.14

## Currency Breakdown (%)
80
60
40
20
0	EUR	USD	GBP	CAD	AUD	SEK	NZD	CHF	CNH	ZRN	SGD	PLN	NOK	MXN	Other
| Portfolio	68.25 | 22.77 | 4.02 | 2.29 | 1.02 | 0.74 | 0.46 | 0.45 | - | - | - | - | - | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 62.41 | 22.07 | 4.42 | 3.32 | 1.94 | 1.50 | 0.33 | 1.20 | 0.21 | 0.01 | 0.53 | 0.08 | 0.36 | 0.04 | 1.58 |

Translation (ENFR, 2023-01-31):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG Notation ESG relative
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 96.9% Indice de réf. = 96.3% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Pour de plus amples informations à propos de la méthodologie, veuillez lire la section « Définition des indicateurs ESG » ci-dessous

## Gérant
31/01/20
31/07/20
31/01/21
31/07/21
31/01/22
31/07/22 31/01/23
Johann PLE
Rui LI - Co-gérant
Portefeuille* (-17.04%)	Indice de réference (-16.68%)
Les données sont rebasées à 100 par AXA IM à la date de début du graphique.
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.
| Performance et risque  (suite) Analyse du risque |  |
| --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité du portefeuille* (%) | 8.66 | 8.02 | 6.62 | 5.70 |
| Volatilité de l'indice de référence (%) | 8.91 | 7.56 | 6.34 | 5.46 |
| Risque relatif/Tracking Error  (%) | 1.77 | 1.30 | 1.04 | 0.91 |
| Ratio de Sharpe | -1.69 | -0.60 | -0.16 | -0.06 |
| Ratio d'information | 0.31 | 0.62 | 0.47 | 0.32 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois  YTD	3 ans	5 ans	31/01/22	31/01/21	31/01/20	31/01/19	31/01/18  Création |
|  |  |  |  |  |  |  | 31/01/23 | 31/01/22 | 31/01/21 | 31/01/20 | 31/01/19 |  |
| Portefeuille* | 2.82 | 4.48 | -5.76 | 2.82 | -17.04 | -10.99 | -15.38 | -4.53 | 2.70 | 7.21 | 0.07 | -11.07 |
| Indice de référence | 2.49 | 3.04 | -6.67 | 2.49 | -16.68 | -8.79 | -15.09 | -4.29 | 2.52 | 8.19 | 1.19 | -6.51 |
| Ecarts | 0.33 | 1.43 | 0.91 | 0.33 | -0.35 | -2.20 | -0.29 | -0.25 | 0.18 | -0.98 | -1.12 | -4.56 |


## Performance calendaire annuelle (%)
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -19.60 | -2.95 | 5.28 | 6.25 | -1.89 | -0.03 | 1.46 | - | - | - |
| Indice de réference | -18.70 | -3.00 | 5.30 | 6.95 | -0.71 | 1.51 | 2.02 | - | - | - |
| Ecarts | -0.90 | 0.05 | -0.02 | -0.70 | -1.19 | -1.54 | -0.56 | - | - | - |

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 |
| Bundesrepublik Deutschland 08/15/2050 | 2.20 | Allemagne | 27.0 | 0.59 |
| France Government Bond OAT 1.75% 06/25/2039 | 2.09 | France | 13.6 | 0.28 |
| France Government Bond OAT 0.5% 06/25/2044 | 1.29 | France | 19.3 | 0.25 |
| European Investment Bank 3.3% 02/03/2028 | 0.87 | Supra National | 4.5 | 0.04 |
| EDP - Energias de Portugal SA VAR 07/20/2080 | 0.75 | Portugal | 2.0 | 0.02 |
| Italy (Republic of) 1.5% 04/30/2045 | 0.70 | Italie | 16.9 | 0.12 |
| KFW 0.875% 09/15/2026 | 0.70 | Allemagne | 3.4 | 0.02 |
| Ferrovie dello Stato Italian SpA 0.375% 03/25/2028 | 0.68 | Italie | 4.9 | 0.03 |
| European Union 2.75% 02/04/2033 | 0.67 | Supra National | 8.6 | 0.06 |
| Belgium Government Bond 1.25% 04/22/2033 | 0.65 | Belgique | 9.2 | 0.06 |
| Total (%) | 10.61 |  |  |  |

Les informations sur cette société sont données à titre illustratif uniquement, sont valables à la date du reporting et ne constituent pas une recommandation à l’achat ou à la vente. Il est possible que cette entreprise ne soit plus présente en portefeuille à une date ultérieure.

## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Indice de référence
Finance	25.93	18.48
Industrie	21.59	17.91
Quasi & Foreign Gvt	20.28	29.70
Serv. aux collect.	19.58	16.91
Souverain	10.56	16.84
Autres	0.34	0.00
Cash	1.73	0.14
3
2
1
Quasi &
Foreign Gvt
Industrie
Serv. aux
collect.
Souverain
Finance
0
Port.	1.6	1.3	1.1	1.1	1.0
Indice de réf.	2.0	1.0	1.1	2.2	0.6

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille	Indice de référence
France	16.91	12.44
Italie	9.86	4.47
Etats-Unis	9.73	10.05
Espagne	8.99	5.53
Allemagne	8.02	14.24
Supra National	6.69	10.19
Pays-Bas	5.95	6.62
Royaume-Uni	5.41	3.91
Portugal	3.38	0.61
Chine	3.32	3.63
Autres	20.02	24.74
Cash	1.73	0.14
1.8
1.5
1.2
0.9
0.6
0.3
France
Allemagne
Etats-Unis
Supra National Espagne
Italie
Pays-Bas
Royaume-Uni
Canada
Autres
0.0
Port.	1.3  0.8  0.6  0.5  0.4  0.4  0.3  0.3  0.2  1.3
Indice de réf. 1.2 0.9 0.8 0.8 0.3 0.3 0.5 0.4 0.2 1.5

## 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	1.73	0.58	11.46	24.43	18.81	17.37	14.36	11.26
Indice de référence	0.14	3.63	16.38	21.48	13.58	18.43	16.70	9.65
Analyse du portefeuille 
(suite)

## Exposition par rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Cash
Portefeuille	12.77	12.18	19.76	45.81	7.36	0.40	-	1.73
Indice de référence	22.89	21.39	22.96	32.30	-	-	0.32	0.14

## Exposition par devise (%)
80
60
40
20
0	EUR	USD	GBP	CAD	AUD	SEK	NZD	CHF	CNH	ZRN	SGD	PLN	NOK	MXN  Autres
Portefeuille	68.25	22.77	4.02	2.29	1.02	0.74	0.46	0.45	-	-	-	-	-	-	-
Indice de référence 62.41	22.07	4.42	3.32	1.94	1.50	0.33	1.20	0.21	0.01	0.53	0.08	0.36	0.04	1.58