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

### 43.80
| Mod. Duration | 6.74 | 7.04 |
| --- | --- | --- |
| Mod. Duration To Worst | 6.80 | 7.07 |
| Yield To Worst (%) | 1.85 | 1.84 |
| Number of Holdings | 190 | 12011 |
| Number of Issuers | 156 | 1497 |

Port.	Bench. Linear Average Rating	BBB+		A-
130
120
110
100
90
28/12/18
30/06/19
30/12/19
30/06/20
30/12/20
30/06/21
30/12/21

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (22.92%)	Benchmark (20.76%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.55 | 6.49 | 5.24 | 4.60 |
| Benchmark Volatility (%) | 3.54 | 6.21 | 5.00 | 4.39 |
| Relative Risk/Tracking Error  (%) | 0.49 | 0.69 | 0.60 | 0.58 |
| Sharpe Ratio | 0.00 | 1.04 | 0.85 | 1.07 |
| Information Ratio | 2.02 | 1.86 | 1.47 | 1.29 |

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 = 92.9% Benchmark = 95.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 91.5% Benchmark = 92.2% (not meaningful for
coverage below 50%)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.35 | -0.35 | -0.29 | -0.56 | 22.92 | 27.67 | -0.56 | 9.80 | 12.58 | -1.70 | 5.65 | 68.88 |
| Benchmark | -0.25 | -0.13 | -0.13 | -0.92 | 20.76 | 26.21 | -0.92 | 7.92 | 12.94 | -1.11 | 5.68 | 66.78 |
| Excess Return | -0.11 | -0.22 | -0.15 | 0.36 | 2.16 | 1.45 | 0.36 | 1.88 | -0.36 | -0.59 | -0.03 | 2.10 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.56 | 9.80 | 12.58 | -1.70 | 5.65 | 6.71 | -0.53 | 7.59 | 0.64 | 12.58 |
| Benchmark | -0.92 | 7.92 | 12.94 | -1.11 | 5.68 | 6.33 | -0.34 | 7.53 | 0.06 | 11.62 |
| Excess Return | 0.36 | 1.88 | -0.36 | -0.59 | -0.03 | 0.38 | -0.19 | 0.06 | 0.58 | 0.96 |

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 1% 08/15/2024 | 2.72 | Germany | 2.6 | 0.07 |
| JPMorgan Chase & Co VAR 01/23/2029 | 1.74 | United States | 5.3 | 0.09 |
| UniCredit SpA VAR 07/03/2025 | 1.33 | Italy | 2.4 | 0.03 |
| Verizon Communications Inc 3.7% 03/22/2061 | 1.31 | United States | 21.0 | 0.27 |
| Citigroup Inc VAR 01/28/2027 | 1.23 | United States | 3.9 | 0.05 |
| Bank of America Corp VAR 10/22/2025 | 1.23 | United States | 2.7 | 0.03 |
| Anheuser-Busch InBev Worldwide 5.55% 01/23/2049 | 1.09 | Belgium | 15.5 | 0.17 |
| Deutsche Bank AG VAR 09/03/2026 | 1.07 | Germany | 3.6 | 0.04 |
| Williams Cos Inc 4.9% 01/15/2045 | 1.00 | United States | 14.1 | 0.14 |
| Alexandria Real Estate Equities 2% 05/18/2032 | 0.99 | United States | 9.1 | 0.09 |
| Total (%) | 13.71 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Industrials | 45.15 | 58.46 |
| Financial | 36.93 | 33.83 |
| Utility | 9.09 | 7.57 |
| Sovereign | 2.72 | 0.00 |
| Cash | 6.12 | 0.14 |


## Contribution to duration by sector
5
4
3
2
1
0	Industrials	Financial	Utility
Port.	4.4	1.7	0.6
Bench.	4.6	1.8	0.6

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| United States | 49.23 | 49.58 |
| --- | --- | --- |
| France | 6.33 | 7.43 |
| Germany | 5.57 | 5.06 |

United Kingdom	5.29	7.88
Italy	4.78	1.71
Canada	4.36	3.97
Spain	3.62	2.01
Netherlands	2.64	2.39
Belgium	2.11	1.19
Sweden	1.40	0.74
Other	8.54	10.61
Cash	6.12	0.14
5
4
3
2
1
United States
United Kingdom
France
Germany
Belgium
Spain
Canada
Italy
Netherlands
Other
0
Port.	4.1	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.6
Bench. 4.1	0.5	0.4	0.3	0.1	0.1	0.2	0.1	0.1	1.0

## Maturity Breakdown (%)
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 | 6.12 | 0.53 | 9.27 | 21.08 | 17.44 | 19.41 | 9.15 | 17.00 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.14 | 0.95 | 18.98 | 20.70 | 14.62 | 16.31 | 11.68 | 16.61 |


## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	B	Cash
Portfolio	2.72	1.79	20.69	62.53	5.56	0.61	6.12
Benchmark	1.01	8.52	39.91	50.36	0.06	-	0.14

## Currency Breakdown (%)
80
60
40
20
0	USD	EUR	GBP	CAD	JPY	AUD
Portfolio	67.49	27.31	3.49	1.71	-	-
Benchmark	66.32	26.17	4.68	2.26	0.41	0.17

Translation (ENFR, 2021-12-30):
# Performance et risque
## Evolution de la performance (USD)
Valeur liquidative
Cap.

### 168.88
Actif net du fonds (M)
USD

### 43.80

## Indice de réference
Depuis le: 23/03/2011
100% ICE BofA Global Large Cap Hedged USD
Port.

## Caractéristiques du portefeuille
Indice de réf.
Rating moyen linéaire	BBB+	A-
Mod. Duration	6.74	7.04
Mod. Duration To Worst	6.80	7.07
Yield to worst (%)	1.85	1.84
Nombre de lignes	190	12011
Nombre d'émetteurs	156	1497
130
120
110
100
90
28/12/18
30/06/19
30/12/19
30/06/20
30/12/20
30/06/21
30/12/21

## Profil du portefeuille
Notation ESG
Notation ESG relative
Portefeuille* (22.92%)	Indice de réference (20.76%)
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* (%) | 3.55 | 6.49 | 5.24 | 4.60 |
| Volatilité de l'indice de référence (%) | 3.54 | 6.21 | 5.00 | 4.39 |
| Risque relatif/Tracking Error  (%) | 0.49 | 0.69 | 0.60 | 0.58 |
| Ratio de Sharpe | 0.00 | 1.04 | 0.85 | 1.07 |
| Ratio d'information | 2.02 | 1.86 | 1.47 | 1.29 |

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 = 92.9% Indice de référence = 95.8% (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 = 91.5% Indice de référence = 92.2% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)

## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 3 ans | 5 ans | 31/12/20 31/12/21 | 31/12/19 31/12/20 | 31/12/18 31/12/19 | 31/12/17 31/12/18 | 31/12/16 31/12/17 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.35 | -0.35 | -0.29 | -0.56 | 22.92 | 27.67 | -0.56 | 9.80 | 12.58 | -1.70 | 5.65 | 68.88 |
| Indice de réference | -0.25 | -0.13 | -0.13 | -0.92 | 20.76 | 26.21 | -0.92 | 7.92 | 12.94 | -1.11 | 5.68 | 66.78 |
| Ecarts | -0.11 | -0.22 | -0.15 | 0.36 | 2.16 | 1.45 | 0.36 | 1.88 | -0.36 | -0.59 | -0.03 | 2.10 |

Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.56 | 9.80 | 12.58 | -1.70 | 5.65 | 6.71 | -0.53 | 7.59 | 0.64 | 12.58 |
| Indice de réference | -0.92 | 7.92 | 12.94 | -1.11 | 5.68 | 6.33 | -0.34 | 7.53 | 0.06 | 11.62 |
| Ecarts | 0.36 | 1.88 | -0.36 | -0.59 | -0.03 | 0.38 | -0.19 | 0.06 | 0.58 | 0.96 |

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 1% 08/15/2024 | 2.72 | Allemagne | 2.6 | 0.07 |
| JPMorgan Chase & Co VAR 01/23/2029 | 1.74 | Etats-Unis | 5.3 | 0.09 |
| UniCredit SpA VAR 07/03/2025 | 1.33 | Italie | 2.4 | 0.03 |
| Verizon Communications Inc 3.7% 03/22/2061 | 1.31 | Etats-Unis | 21.0 | 0.27 |
| Citigroup Inc VAR 01/28/2027 | 1.23 | Etats-Unis | 3.9 | 0.05 |
| Bank of America Corp VAR 10/22/2025 | 1.23 | Etats-Unis | 2.7 | 0.03 |
| Anheuser-Busch InBev Worldwide 5.55% 01/23/2049 | 1.09 | Belgique | 15.5 | 0.17 |
| Deutsche Bank AG VAR 09/03/2026 | 1.07 | Allemagne | 3.6 | 0.04 |
| Williams Cos Inc 4.9% 01/15/2045 | 1.00 | Etats-Unis | 14.1 | 0.14 |
| Alexandria Real Estate Equities 2% 05/18/2032 | 0.99 | Etats-Unis | 9.1 | 0.09 |
| Total (%) | 13.71 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
Industrie	45.15	58.46
Finance	36.93	33.83
Serv. aux collect.	9.09	7.57
Souverain	2.72	0.00
Cash	6.12	0.14
5
4
3
2
1
0	Industrie	Finance	Serv. aux collect.
Port.	4.4	1.7	0.6
Indice de réf.	4.6	1.8	0.6

## Exposition géographique (%)	Contribution à la duration par géographie
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| Etats-Unis | 49.23 | 49.58 |
| France | 6.33 | 7.43 |
| Allemagne | 5.57 | 5.06 |
| Royaume-Uni | 5.29 | 7.88 |
| Italie | 4.78 | 1.71 |

Canada	4.36	3.97
Espagne	3.62	2.01
Pays-Bas	2.64	2.39
Belgique	2.11	1.19
Suède	1.40	0.74
Autres	8.54	10.61
Cash	6.12	0.14
5
4
3
2
1
Etats-Unis
Royaume-Uni
France
Allemagne
Belgique
Espagne
Canada
Italie
Pays-Bas
Autres
0
Port.	4.1  0.4  0.3  0.3  0.2  0.2  0.2  0.2  0.2  0.6
Indice de réf. 4.1 0.5 0.4 0.3 0.1 0.1 0.2 0.1 0.1 1.0

## Exposition par Maturité (%)
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 | 6.12 | 0.53 | 9.27 | 21.08 | 17.44 | 19.41 | 9.15 | 17.00 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.14 | 0.95 | 18.98 | 20.70 | 14.62 | 16.31 | 11.68 | 16.61 |


## Exposition par rating (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	B	Cash
Portefeuille	2.72	1.79	20.69	62.53	5.56	0.61	6.12
Benchmark	1.01	8.52	39.91	50.36	0.06	-	0.14

## Exposition par devise (%)
80
60
40
20
0	USD	EUR	GBP	CAD	JPY	AUD
Portefeuille	67.49	27.31	3.49	1.71	-	-
Benchmark	66.32	26.17	4.68	2.26	0.41	0.17