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

### 288.21
Number of Holdings	182
Number of Issuers	101

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 93.9% (not meaningful for coverage below 50%)
31/05/2018
Portfolio* (16.53%)
31/05/2019
31/05/2020
31/05/2021
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* (%) | 4.85 | 6.80 | 5.57 | 5.79 |
| Sharpe Ratio | 2.17 | 1.00 | 1.05 | 0.91 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.33 | -0.06 | 1.61 | 1.11 | 8.95 | 6.97 | -0.01 | -0.15 | 5.95 | 25.32 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - | - |

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 |
| Bundesschatzanweisungen 06/10/2022 | 4.49 | Germany | 1.0 | 0.05 |
| HSBC Holdings PLC VAR PERP | 2.51 | United Kingdom | 1.2 | 0.03 |
| Telefonica Europe BV VAR PERP | 1.99 | Spain | 2.4 | 0.05 |
| Unibail-Rodamco SE VAR PERP | 1.63 | France | 2.3 | 0.04 |
| Electricite de France SA VAR PERP | 1.59 | France | 5.8 | 0.09 |
| Repsol International Finance BV VAR 03/25/2075 | 1.53 | Spain | 3.5 | 0.05 |
| Gas Natural Fenosa Finance BV 3.875% 04/11/2022 | 1.45 | Spain | 0.9 | 0.01 |
| Banco de Sabadell SA VAR PERP | 1.35 | Spain | 0.9 | 0.01 |
| Commerzbank AG 4% 03/23/2026 | 1.25 | Germany | 4.4 | 0.05 |
| UniCredit SpA VAR PERP | 1.21 | Italy | 3.5 | 0.04 |
| Total (%) | 18.99 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	47.39	4
Financial	37.04	2
Utility	9.51	0
-2
Sovereign	4.49	-4
Industrials
Financial
Utility
Securitized
Not
Cash
Pfd-Financial	1.35	-6
Classified
Other	0.90
Cash	-0.69
Port.	2.4	1.5	0.4	0.1	-1.5	-4.6

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
Spain	16.80
Italy	15.58
United Kingdom	14.40
Germany	13.75
France	11.92
United States	8.22
Portugal	4.95
Australia	4.18
Ireland	3.86
Switzerland	1.35
Other	5.69
Cash	-0.69
2
1
0
-1
-2
-3
-4
-5
Italy
France
Spain
United Kingdom
Australia
Portugal
Ireland
Finland
Switzerland
Other
-6
Port. 0.8	0.7	0.7	0.2	0.2	0.2	0.1	0.1	0.1  -4.8

## Maturity Breakdown (%)
30
25
20
15
10
5
0
-5	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years
Portfolio	-0.69	7.81	27.46	23.99	19.63	15.98	5.82

## Rating Breakdown (%)
60
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 4.49 | 0.43 | 6.84 | 48.21 | 33.55 | 7.18 | -0.69 |

-10

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

100
80
60
40
20
0
EUR	GBP
Portfolio	94.68	5.32

Translation (ENFR, 2021-05-31):
# Performance et risque
## Evolution de la performance (EUR)

### 125.32	113.54
Actif net du fonds (M)
EUR

### 288.21
|  | Port. |
| --- | --- |
| Rating moyen linéaire | BBB3 |
| Mod. Duration | -1.78 |
| Mod. Duration To Worst | -1.88 |
| Yield to worst (%) | 1.94 |
| Nombre de lignes | 182 |
| Nombre d'émetteurs | 101 |
| Profil du portefeuille |  |
| Notation ESG |  |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 93.9% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
31/05/2018
Portefeuille* (16.53%)
31/05/2019
31/05/2020
31/05/2021
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* (%) | 4.85 | 6.80 | 5.57 | 5.79 |
| Ratio de Sharpe | 2.17 | 1.00 | 1.05 | 0.91 |


## Performance glissante (%)
|  | 1 mois | 3 mois | 6 mois | YTD | 31/05/2020 31/05/2021 | 31/05/2019 31/05/2020 | 31/05/2018 31/05/2019 | 31/05/2017 31/05/2018 | 31/05/2016 31/05/2017 | Création |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | -0.33 | -0.06 | 1.61 | 1.11 | 8.95 | 6.97 | -0.01 | -0.15 | 5.95 | 25.32 |

Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 7.08 | 10.60 | -4.29 | 4.13 | 8.52 | - | - | - | - | - |

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 |
| Bundesschatzanweisungen 06/10/2022 | 4.49 | Allemagne | 1.0 | 0.05 |
| HSBC Holdings PLC VAR PERP | 2.51 | Royaume-Uni | 1.2 | 0.03 |
| Telefonica Europe BV VAR PERP | 1.99 | Espagne | 2.4 | 0.05 |
| Unibail-Rodamco SE VAR PERP | 1.63 | France | 2.3 | 0.04 |
| Electricite de France SA VAR PERP | 1.59 | France | 5.8 | 0.09 |
| Repsol International Finance BV VAR 03/25/2075 | 1.53 | Espagne | 3.5 | 0.05 |
| Gas Natural Fenosa Finance BV 3.875% 04/11/2022 | 1.45 | Espagne | 0.9 | 0.01 |
| Banco de Sabadell SA VAR PERP | 1.35 | Espagne | 0.9 | 0.01 |
| Commerzbank AG 4% 03/23/2026 | 1.25 | Allemagne | 4.4 | 0.05 |
| UniCredit SpA VAR PERP | 1.21 | Italie | 3.5 | 0.04 |
| Total (%) | 18.99 |  |  |  |


## Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille
Industrie	47.39	4
Finance	37.04	2
Serv. aux collect.	9.51	0
-2
Souverain	4.49	-4
Industrie
Finance
Serv. aux
Securitized
Hors
Cash
Pfd-Financial	1.35	-6
collect.
catégorie
Autres	0.90
Cash	-0.69
Port.	2.4	1.5	0.4	0.1	-1.5	-4.6

## Exposition géographique (%)
Portefeuille

## Contribution à la duration par géographie
2
Espagne	16.80
Italie	15.58
Royaume-Uni	14.40
Allemagne	13.75
France	11.92
Etats-Unis	8.22
Portugal	4.95
Australie	4.18
Irlande	3.86
Suisse	1.35
Autres	5.69
Cash	-0.69
1
0
-1
-2
-3
-4
-5
Italie
France
Espagne
Royaume-Uni
Australie
Portugal
Irlande
Finlande
Suisse
Autres
-6
Port. 0.8	0.7	0.7	0.2	0.2	0.2	0.1	0.1	0.1  -4.8

## Exposition par Maturité (%)
30
25
20
15
10
5
0
-5	Cash	0-1 an	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans
Portefeuille	-0.69	7.81	27.46	23.99	19.63	15.98	5.82

## Exposition par Rating (%)
60
50
40
30
20
10
0
|  | AAA | AA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 4.49 | 0.43 | 6.84 | 48.21 | 33.55 | 7.18 | -0.69 |

-10

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

100
80
60
40
20
0
EUR	GBP
Portefeuille	94.68	5.32