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

### 472.51
Linear Average Rating	BBB-
Mod. Duration	2.42
Mod. Duration To Worst	2.71
Yield To Worst (%)	3.48
Number of Holdings	185
Number of Issuers	78

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 82.5% (not meaningful for coverage below 50%)
29/06/2018
Portfolio* (10.96%)
30/06/2019
30/06/2020
30/06/2021
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* (%) | 2.34 | 4.29 | 3.58 | 3.51 |
| Sharpe Ratio | 1.63 | 1.12 | 0.88 | 0.97 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.02 | 0.00 | -0.74 | -0.74 | 2.48 | 1.38 | 6.80 | -3.06 | 2.19 | 11.79 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.37 | 7.01 | -3.52 | 2.56 | - | - | - | - | - | - |

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 |
| Chong Hing Bank Ltd VAR 07/26/2027 | 1.95 | China | 1.0 | 0.02 |
| BOC Aviation Pte Ltd 3.25% 04/29/2025 | 1.79 | China | 3.5 | 0.06 |
| China Overseas Grand Oceans Fin 2.45% 02/09/2026 | 1.72 | China | 4.1 | 0.07 |
| Minor International PCL VAR PERP | 1.63 | Thailand | 1.9 | 0.03 |
| Airport Authority Hong Kong VAR PERP | 1.57 | Hong Kong | 4.4 | 0.07 |
| Singapore Airlines Ltd 3% 07/20/2026 | 1.53 | Singapore | 4.5 | 0.07 |
| CAS Capital No 1 Ltd VAR PERP | 1.53 | Hong Kong | 4.4 | 0.07 |
| Saudi Government Intl Bond 2.9% 10/22/2025 | 1.49 | Saudi Arabia | 4.0 | 0.06 |
| Dua Capital Ltd 1.66% 05/11/2026 | 1.49 | Malaysia | 4.4 | 0.07 |
| Minera y Metalurgica del Boleo 3.25% 04/17/2024 | 1.48 | South Korea | 2.7 | 0.04 |
| Total (%) | 16.17 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	50.59
Financial	31.67
Quasi & Foreign Gvt	5.80
Utility	4.33
Not Classified	3.07
Cash	4.53
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Industrials
Financial
Quasi &
Foreign Gvt
Utility
Not
Classified
Sovereign
-0.2
Port.	1.1	0.9	0.2	0.1	0.1	-0.1

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
| China | 44.26 |
| --- | --- |
| Hong Kong | 7.53 |
| India | 6.26 |
| Thailand | 5.44 |
| Singapore | 4.79 |
| South Korea | 4.42 |

Malaysia	3.99
Cayman Islands	3.61
Indonesia	3.05
British Virgin Islands	2.20
Other	9.92
Cash	4.53
1.2
1.0
0.8
0.6
0.4
0.2
China
Hong Kong India
Thailand
Singapore
South Korea Malaysia
Indonesia
Cayman Islands Other
0.0
Port. 1.0	0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.2

## Maturity Breakdown (%)
50
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years
Portfolio	4.53	16.53	30.67	39.02	7.80	0.87	0.58

## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	NR	Cash
Portfolio	0.47	2.80	15.47	29.40	28.15	11.98	7.21	4.53

## Currency Breakdown (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
USD	CNY	INR
Portfolio	99.08	0.70	0.22

Translation (ENFR, 2021-06-30):
# Performance et risque
## Evolution de la performance (EUR)
Actif net du fonds (M)
USD

### 472.51
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 82.5% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
29/06/2018
Portefeuille* (10.96%)
30/06/2019
30/06/2020
30/06/2021
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* (%) | 2.34 | 4.29 | 3.58 | 3.51 |
| Ratio de Sharpe | 1.63 | 1.12 | 0.88 | 0.97 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 30/06/2020 30/06/2021 | 30/06/2019 30/06/2020 | 30/06/2018 30/06/2019 | 30/06/2017 30/06/2018 | 30/06/2016 30/06/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.02 | 0.00 | -0.74 | -0.74 | 2.48 | 1.38 | 6.80 | -3.06 | 2.19 | 11.79 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 4.37 | 7.01 | -3.52 | 2.56 | - | - | - | - | - | - |

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 |
| Chong Hing Bank Ltd VAR 07/26/2027 | 1.95 | Chine | 1.0 | 0.02 |
| BOC Aviation Pte Ltd 3.25% 04/29/2025 | 1.79 | Chine | 3.5 | 0.06 |
| China Overseas Grand Oceans Fin 2.45% 02/09/2026 | 1.72 | Chine | 4.1 | 0.07 |
| Minor International PCL VAR PERP | 1.63 | Thailande | 1.9 | 0.03 |
| Airport Authority Hong Kong VAR PERP | 1.57 | Hong-Kong | 4.4 | 0.07 |
| Singapore Airlines Ltd 3% 07/20/2026 | 1.53 | Singapour | 4.5 | 0.07 |
| CAS Capital No 1 Ltd VAR PERP | 1.53 | Hong-Kong | 4.4 | 0.07 |
| Saudi Government Intl Bond 2.9% 10/22/2025 | 1.49 | Arabie Saoudite | 4.0 | 0.06 |
| Dua Capital Ltd 1.66% 05/11/2026 | 1.49 | Malaisie | 4.4 | 0.07 |
| Minera y Metalurgica del Boleo 3.25% 04/17/2024 | 1.48 | Corée du sud | 2.7 | 0.04 |
| Total (%) | 16.17 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Industrie	50.59
Finance	31.67
Quasi & Foreign Gvt	5.80
Serv. aux collect.	4.33
Hors catégorie	3.07
Cash	4.53
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Industrie
Finance
Quasi &
Foreign Gvt
Serv. aux
collect.
Hors
catégorie
Souverain
-0.2
Port.	1.1	0.9	0.2	0.1	0.1	-0.1

## Exposition géographique (%)	Contribution à la duration par géographie
Portefeuille
| Chine | 44.26 |
| --- | --- |
| Hong-Kong | 7.53 |
| Inde | 6.26 |
| Thailande | 5.44 |
| Singapour | 4.79 |
| Corée du sud | 4.42 |

1.2
1.0
0.8
0.6
0.4
0.2
Chine
Hong-Kong
Inde
Thailande
Singapour
Corée du
sud
Malaisie
Indonesie
Caymanes
Iles
Autres
0.0
| Malaisie | 3.99 |  |
| --- | --- | --- |
| Caymanes Iles | 3.61 |
| Indonesie | 3.05 |  | Port. | 1.0 | 0.3	0.2 | 0.2 | 0.1	0.1	0.1 | 0.1 | 0.1	0.2 |
| Vierges Britann | 2.20 |  |
| Autres | 9.92 |
| Cash | 4.53 |
| Exposition par Maturité (%) |  |

50
40
30
20
10
0	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans
Portefeuille	4.53	16.53	30.67	39.02	7.80	0.87	0.58

## Exposition par Rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	NR	Cash
Portefeuille	0.47	2.80	15.47	29.40	28.15	11.98	7.21	4.53

## Exposition Par Devise (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
USD	CNY	INR
Portefeuille	99.08	0.70	0.22