# Performance & Risk
## Performance Evolution (USD)
% of AUM covered by ESG absolute rating: Portfolio = 87.2% (not meaningful for coverage below 50%)
03/12/18
30/07/19
30/01/20
30/07/20
30/01/21
30/07/21
Portfolio* (23.21%)	Benchmark (2.83%)
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* (%) | 3.10 | - | - | 9.07 |
| Benchmark Volatility (%) | 0.00 | - | - | 0.30 |
| Relative Risk/Tracking Error  (%) | 3.10 | - | - | 9.07 |
| Sharpe Ratio | 2.64 | - | - | 0.92 |
| Information Ratio | 2.68 | - | - | 0.93 |


## Rolling Performance (%)
| 1M	3M	6M	YTD	31/07/2020 | 31/07/2019 | 31/07/2018 | 31/07/2017 | 31/07/2016	Launch |
| --- | --- | --- | --- | --- |
|  |  |  |  |  | 31/07/2021 | 31/07/2020 | 31/07/2019 | 31/07/2018 | 31/07/2017 |  |
| Portfolio* | 0.17 | 1.36 | 3.10 | 3.40 | 7.48 | 6.03 | - | - | - | 23.21 |
| Benchmark | 0.01 | 0.02 | 0.04 | 0.04 | 0.08 | 1.12 | - | - | - | 2.83 |
| Excess Return | 0.16 | 1.34 | 3.06 | 3.35 | 7.39 | 4.91 | - | - | - | 20.38 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.66 | 14.29 | - | - | - | - | - | - | - | - |
| Benchmark | 0.38 | 2.21 | - | - | - | - | - | - | - | - |
| Excess Return | 7.28 | 12.08 | - | - | - | - | - | - | - | - |

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 |  |
| --- | --- |
| Fund Key Metrics |
|  | Portfolio |
| Cash | 10.0 |
| Cost of Financing | 1.39 |
| Gross Exposure | 183 |
| Number of holdings | 169 |
| Number of Issuers | 122 |
| Years to Maturity | 4.1 |
| Yield To Worst - Levered 1 | 4.37 |
| Yield To Worst - Unlevered | 3.02 |

|  | Portfolio |
| --- | --- |
| Current Yield - Levered1 | 9.53 |
| Current Yield - Unlevered | 5.84 |
| Duration to Worst - Levered 2 | 1.9 |
| Duration to Worst - Unlevered | 1.0 |
| Average Coupon | 6.10 |
| Option Adjusted Spread | 287 |

1Levered Yield = Unlevered Yield + (Debt/Equity)*(Unlevered YTW - Cost of financing)
2Levered DTW= Unlevered DTW * Gross Exposure.
| Sector Breakdown (%) * |  |
| --- | --- |
|  | Portfolio |
| Services | 18.14 |
| Capital Goods | 12.04 |
| Healthcare | 9.07 |
| Technology & Electronics | 8.36 |
| Telecommunications | 8.06 |
| Media | 8.02 |
| Consumer Goods | 6.93 |
| Real Estate | 5.33 |
| Retail | 5.21 |
| Basic Industry | 5.04 |
| Leisure | 4.48 |
| Energy | 4.39 |
| Financial Services | 2.80 |
| Transportation | 2.13 |
| Automotive | 0.00 |
| Banking | 0.00 |
| Insurance | 0.00 |
| Utility | 0.00 |
| Rating Breakdown (%) * |  |

44
40
36
32
28
24
20
16
12
8
4
0	A	BBB	BB	B	CCC or under	Not Rated
Portfolio	-	0.02	38.93	41.64	17.62	1.79

## Maturity Breakdown (%) *
70
60
50
40
30
20
10
0	Less than 1 Year	1-3 years	3-5 years	5-7 years	7-10 years	Over 10 Years
| Portfolio | 0.42 | 15.01 | 65.87 | 18.70 |  | -	- |
| --- | --- | --- | --- | --- | --- | --- |
| Top 10 Holdings * |  |  |  |  |  |  |
| Issuer | Coupon (%) | Maturity | Industry | Rating | Duration to Worst | Weight (%) |
| SCS Holdings I, Inc. | 11.000 | 15/07/2027 | Software/Services | CCC1 | 0.91 | 2.40 |
| CB Escrow Corp. | 8.000 | 15/10/2025 | Telecom - Wirelines | CCC1 | 0.20 | 1.89 |
| BWAY Holding Co., Inc. | 5.500 | 15/04/2024 | Packaging | B3 | 0.68 | 1.83 |
| CommScope Technologies Finance LLC | 6.000 | 15/06/2025 | Tech Hardware & Equipment | CCC1 | 1.74 | 1.68 |
| Gray Television, Inc. | 5.875 | 15/07/2026 | Media Content | B1 | 0.08 | 1.65 |
| Clark Equipment Co. | 5.875 | 06/01/2025 | Machinery | BB3 | 0.81 | 1.63 |
| Herbalife Nutrition Ltd. | 7.875 | 09/01/2025 | Food - Wholesale | B1 | 1.01 | 1.54 |
| KAR Auction Services, Inc. | 5.125 | 06/01/2025 | Support-Services | CCC1 | 0.81 | 1.52 |
| B&G Foods, Inc. | 5.250 | 04/01/2025 | Food - Wholesale | B2 | 0.64 | 1.51 |
| Nielsen Company (Luxembourg) SARL | 5.000 | 02/01/2025 | Advertising | B1 | 0.50 | 1.43 |
| Geographical Breakdown (%) * |  |  |  |  |  |  |
|  |  |  |  |  |  | Portfolio |
| United States |  |  |  |  |  | 91.68 |
| Ireland |  |  |  |  |  | 2.51 |
| Canada |  |  |  |  |  | 1.96 |
| France |  |  |  |  |  | 1.16 |
| Netherlands |  |  |  |  |  | 0.86 |
| Australia |  |  |  |  |  | 0.78 |
| United Kingdom |  |  |  |  |  | 0.37 |
| Germany |  |  |  |  |  | 0.32 |


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

100
80
60
40
20
0
USD
Portfolio	100

Translation (ENFR, 2021-07-30):
# Performance et risque
## Evolution de la performance (USD)
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 87.2% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
03/12/18
30/07/19
30/01/20
30/07/20
30/01/21
30/07/21
Portefeuille* (23.21%)	Indice de réference (2.83%)
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* (%) | 3.10 | - | - | 9.07 |
| Volatilité de l'indice de référence (%) | 0.00 | - | - | 0.30 |
| Risque relatif/Tracking Error  (%) | 3.10 | - | - | 9.07 |
| Ratio de Sharpe | 2.64 | - | - | 0.92 |
| Ratio d'information | 2.68 | - | - | 0.93 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/07/2020 31/07/2021 | 31/07/2019 31/07/2020 | 31/07/2018 31/07/2019 | 31/07/2017 31/07/2018 | 31/07/2016 31/07/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 0.17 | 1.36 | 3.10 | 3.40 | 7.48 | 6.03 | - | - | - | 23.21 |
| Indice de réference | 0.01 | 0.02 | 0.04 | 0.04 | 0.08 | 1.12 | - | - | - | 2.83 |
| Ecarts | 0.16 | 1.34 | 3.06 | 3.35 | 7.39 | 4.91 | - | - | - | 20.38 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 7.66 | 14.29 | - | - | - | - | - | - | - | - |
| Indice de réference | 0.38 | 2.21 | - | - | - | - | - | - | - | - |
| Ecarts | 7.28 | 12.08 | - | - | - | - | - | - | - | - |

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 |  |
| --- | --- |
| Caractéristiques du portefeuille |
|  | Portefeuille |
| Liquidités | 10.0 |
| Cost of Financing | 1.39 |
| Gross Exposure | 183 |
| Nombre de participations | 169 |
| Nombre d'émetteurs | 122 |
| Years to Maturity | 4.1 |
| Yield To Worst - Levered 1 | 4.37 |
| Yield To Worst - Unlevered | 3.02 |

|  | Portefeuille |
| --- | --- |
| Current Yield - Levered1 | 9.53 |
| Current Yield - Unlevered | 5.84 |
| Duration to Worst - Levered 2 | 1.9 |
| Duration to Worst - Unlevered | 1.0 |
| Coupon moyen | 6.10 |
| Option adjusted spread | 287 |

1Levered Yield = Unlevered Yield + (Debt/Equity)*(Unlevered YTW - Cost of financing)
2Levered DTW= Unlevered DTW * Gross Exposure.
| Exposition sectorielle (%) * |  |
| --- | --- |
|  | Portefeuille |
| Services | 18.14 |
| Biens d’équipement | 12.04 |
| Sante | 9.07 |
| Technologie et Electronique | 8.36 |
| Télécommunications | 8.06 |
| Médias | 8.02 |
| Biens de consommation | 6.93 |
| Immobilier | 5.33 |
| Produits de détail | 5.21 |
| Industrie | 5.04 |
| Loisirs | 4.48 |
| Energie | 4.39 |
| Services Financiers | 2.80 |
| Transport | 2.13 |
| Automobile | 0.00 |
| Bancaires | 0.00 |
| Assurances | 0.00 |
| Services aux Collectivités | 0.00 |
| Exposition par rating (%) * |  |

44
40
36
32
28
24
20
16
12
8
4
0	A	BBB	BB	B	CCC ou moins	Non classé
Portefeuille	-	0.02	38.93	41.64	17.62	1.79

## Exposition par maturité (%)*
70
60
50
40
30
20
10
0	Moins de 1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	Plus de 10 ans
Portefeuille	0.42	15.01	65.87	18.70	-	-
| 10 principaux titres * |  |
| --- | --- |
| Emetteur | Coupon (%) | Maturité | Secteur | Rating | Duration to Worst | Poids (%) |
| SCS Holdings I, Inc. | 11.000 | 15/07/2027 | Logiciels/Services | CCC1 | 0.91 | 2.40 |
| CB Escrow Corp. | 8.000 | 15/10/2025 | Téléphonie filaire | CCC1 | 0.20 | 1.89 |
| BWAY Holding Co., Inc. | 5.500 | 15/04/2024 | Conditionnement | B3 | 0.68 | 1.83 |
| CommScope Technologies Finance LLC | 6.000 | 15/06/2025 | Matériel et équipements technologiques | CCC1 | 1.74 | 1.68 |
| Gray Television, Inc. | 5.875 | 15/07/2026 | Contenus médiatiques | B1 | 0.08 | 1.65 |
| Clark Equipment Co. | 5.875 | 06/01/2025 | Machines | BB3 | 0.81 | 1.63 |
| Herbalife Nutrition Ltd. | 7.875 | 09/01/2025 | Alimentation - Gros | B1 | 1.01 | 1.54 |
| KAR Auction Services, Inc. | 5.125 | 06/01/2025 | Services de support | CCC1 | 0.81 | 1.52 |
| B&G Foods, Inc. | 5.250 | 04/01/2025 | Alimentation - Gros | B2 | 0.64 | 1.51 |
| Nielsen Company (Luxembourg) SARL | 5.000 | 02/01/2025 | Secteur de la publicité | B1 | 0.50 | 1.43 |
| Exposition géographique (%) * |  |  |  |  |  |  |
|  | Portefeuille |
| Etats-Unis | 91.68 |
| Irlande | 2.51 |
| Canada | 1.96 |
| France | 1.16 |
| Pays-Bas | 0.86 |
| Australie | 0.78 |
| Royaume-Uni | 0.37 |
| Allemagne | 0.32 |


## Exposition par devise (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
USD
Portefeuille	100