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

### 1 574.57
Number of Holdings	312
Number of Issuers	227

## Fund Profile
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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
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 95.0% (not meaningful for coverage below 50%)
Portfolio* (6.34%)
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* (%) | 1.94 | 3.40 | 2.75 | 3.21 |
| Sharpe Ratio | 1.42 | 1.25 | 1.15 | 1.20 |


## 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* | -1.00 | -0.98 | -0.02 | -1.27 | 6.34 | 5.11 | 0.55 | 1.91 | 3.78 | -1.75 | 0.61 | 19.32 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.88 | 5.19 | -3.10 | 0.83 | 5.10 | -3.07 | 1.41 | 1.02 | - | - |

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 Note 0.25% 05/15/2024 | 3.18 | United States | 2.6 | 0.08 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.85 | United Kingdom | 4.5 | 0.13 |
| US Treasury Note 0.625% 05/15/2030 | 2.48 | United States | 8.3 | 0.21 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 2.20 | United States | 3.6 | 0.08 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.07 | United Kingdom | 8.9 | 0.18 |
| France Government Bond OAT 0.25% 11/25/2026 | 2.06 | France | 5.1 | 0.11 |
| UK Gilt Inflation Linked 0.125% 03/22/2029 | 1.93 | United Kingdom | 7.6 | 0.15 |
| US Treasury Note 1.125% 02/15/2031 | 1.87 | United States | 8.8 | 0.17 |
| US Treasury Note 4.5% 02/15/2036 | 1.82 | United States | 11.2 | 0.20 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.67 | France | 3.5 | 0.06 |
| Total (%) | 22.12 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	38.15
Sovereign	30.95
Financial	19.48
Utility	2.94
Quasi & Foreign Gvt	2.73
Securitized	2.02
Other	0.42
Cash	3.30
3
2
1
0
-1
Industrials
Financial
Quasi &
Foreign Gvt
Utility
Securitized
Not
Classified
Sovereign
Cash
-2
Port.  1.9	0.9	0.2	0.2	0.1	-0.7	-1.8	0.6

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
United States	44.50
| France | 6.35 |
| --- | --- |
| Spain | 2.39 |
| Italy | 1.87 |
| Germany | 1.48 |

United Kingdom	25.20
0.7
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0.6
0.5
0.4
0.3
0.2
0.1
France
United
Kingdom
Netherlands
Italy
Spain
Belgium
Brazil
Other
0.0
| Australia | 1.36 |  |
| --- | --- | --- |
| Canada | 1.06 |
| Netherlands | 1.06 |  | Port. | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.6 |
| Other | 11.41 |  |
| Cash | 3.30 |
| 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	3.30	1.79	9.44	25.78	13.76	23.20	8.92	13.80

## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portfolio	18.05	14.23	3.80	28.96	12.92	11.71	6.66	0.30	0.08	3.30

## Currency Breakdown (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portfolio	54.54	28.99	16.46

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

### 119.32
Actif net du fonds (M)
USD

### 1 574.57

## Indice de réference
Le fonds n’a pas d’indice de référence.
|  | Port. |
| --- | --- |
| Rating moyen linéaire | BBB+ |
| Mod. Duration | 1.52 |
| Mod. Duration To Worst | 1.69 |
| Yield to worst (%) | 1.86 |
| Nombre de lignes | 312 |
| Nombre d'émetteurs | 227 |
| Profil du portefeuille |  |
| Notation ESG |  |


## Caractéristiques du portefeuille
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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
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 95.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (6.34%)
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* (%) | 1.94 | 3.40 | 2.75 | 3.21 |
| Ratio de Sharpe | 1.42 | 1.25 | 1.15 | 1.20 |


## 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*	-1.00	-0.98	-0.02	-1.27	6.34	5.11	0.55	1.91	3.78	-1.75	0.61	19.32
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 3.88 | 5.19 | -3.10 | 0.83 | 5.10 | -3.07 | 1.41 | 1.02 | - | - |
| 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 Note 0.25% 05/15/2024 | 3.18	Etats-Unis	2.6 | 0.08 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 2.85	Royaume-Uni	4.5 | 0.13 |
| US Treasury Note 0.625% 05/15/2030 | 2.48	Etats-Unis	8.3 | 0.21 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 2.20	Etats-Unis	3.6 | 0.08 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.07	Royaume-Uni	8.9 | 0.18 |
| France Government Bond OAT 0.25% 11/25/2026 | 2.06	France	5.1 | 0.11 |
| UK Gilt Inflation Linked 0.125% 03/22/2029 | 1.93	Royaume-Uni	7.6 | 0.15 |
| US Treasury Note 1.125% 02/15/2031 | 1.87	Etats-Unis	8.8 | 0.17 |
| US Treasury Note 4.5% 02/15/2036 | 1.82	Etats-Unis	11.2 | 0.20 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.67	France	3.5 | 0.06 |
| Total (%) | 22.12 |  |
| Exposition sectorielle (%) | Contribution à la duration par secteur |  |
|  |  |  |  | Portefeuille |  |  |  |  |  |  |


## Performance calendaire annuelle (%)
Industrie	38.15
Souverain	30.95
Finance	19.48
Serv. aux collect.	2.94
Quasi & Foreign Gvt	2.73
Securitized	2.02
Autres	0.42
Cash	3.30
3
2
1
0
-1
Industrie
Finance
Quasi &
Foreign Gvt
Serv. aux
collect.
Securitized
Hors
catégorie
Souverain
Cash
-2
Port.  1.9	0.9	0.2	0.2	0.1	-0.7	-1.8	0.6
France
Royaume-Uni
Pays-Bas
Italie
Espagne
Belgique
Brésil
Autres
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## Exposition géographique (%)	Contribution à la duration par géographie
| Etats-Unis | Portefeuille 44.50 | 0.7 0.6 |  |
| --- | --- | --- | --- |
| Royaume-Uni | 25.20 | 0.5 |  |  |  |  |  |  |  |  |
| France Espagne | 6.35 2.39 | 0.4 0.3 0.2 |  |  |  |  |  |  |  |  |
| Italie | 1.87 | 0.1 |  |  |  |  |  |  |  |  |
| Allemagne | 1.48 |  | 0.0 |  |  |  |  |  |  |  |  |
| Australie | 1.36 |  |  |  |  |  |  |  |  |  |  |
| Canada | 1.06 |  |  |  |  |  |  |  |  |  |  |
| Pays-Bas | 1.06 |  | Port. | 0.3 | 0.2	0.2	0.1 | 0.1 | 0.1 | 0.1 | 0.6 |
| Autres | 11.41 |  |  |  |  |  |  |  |  |  |  |
| Cash | 3.30 |  |  |  |  |  |  |  |  |  |  |
| 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	3.30	1.79	9.44	25.78	13.76	23.20	8.92	13.80

## Exposition par rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portefeuille	18.05	14.23	3.80	28.96	12.92	11.71	6.66	0.30	0.08	3.30

## Exposition par devise (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portefeuille	54.54	28.99	16.46