# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 4.88% | 7.50% | 8.71% | 8.31% |
| Performance Indicator** | 4.96% | 7.43% | 8.49% | 8.11% |
| Relative risk ('tracking error') | 1.01% | 0.72% | 0.88% | 1.18% |
| Sharpe ratio | 0.20 | 0.49 | 0.91 | 0.76 |
| Information ratio | -0.35 | 0.28 | 0.38 | 1.05 |

* 1st NAV date: 17/04/2006
** Performance indicator : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 31/08/2018
Editor: AXA Investment Managers Paris
| Portfolio analysis |  |
| --- | --- |
| Fund indicators |  |  |  | Fund indicators |  |  |
|  | Portfolio | Performance Indicator* |  |  | Portfolio | Performance Indicator* |
| Cash | 0.36% | - |  | Duration to worst | 14.37 | 14.61 |
| Number of Holdings | 67 | 450 |  | Spread duration | 2.46 | 2.86 |
| Number of Issuers | 42 | 140 |  | Average Coupon | 3.54% | 3.27% |
| Linear Average Rating | A+ | A+ |  | Yield To Worst | 1.77 | 1.70 |
| Exponential Average Rating | A- | A |  |  |  |  |
| Average Life | 19.14 | 19.21 |  |  |  |  |


## Asset class breakdown
71.66%
79.34%
100%
80%
60%
10.30%
11.69%
40%
20%
Government
Quasi
Sovereign
Inflation
0%

## Contribution to duration of sovereign debt by country
3.54
3.46
4.00
3.50
2.22
2.16
3.00
2.01
1.94
1.73
1.65
2.50
1.11
1.01
2.00
0.57
0.56
0.25
0.62
1.50
0.20
0.20
0.00
0.10
0.36%
0.00%
1.00
0.00
0.01
0.50
France
Italy
Germany
Spain
Belgium
Austria
Netherlands
Ireland
Latvia
Finland
0.00
7.45%
6.50%
6.10%
2.03%
2.64%
0.00%
1.49%
0.44%
Corporate
Covered
Government
Financial
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*
0.69
0.70
0.60

## Contribution to duration of quasi sovereign debt by sectors	Contribution to duration of financial debt by sector
0.80
0.60
0.40
0.06
0.05
0.11
0.04
0.47
0.27
0.46
0.23
0.22
0.22
0.20
0.20
0.03
0.00
0.00
0.02
Agency
Covered Bonds
Supranational
Government
Guaranteed
Local-Authority
External
sovereign credit
0.01
Portfolio	Performance Indicator*
0.00
Other
Portfolio	Performance Indicator*

## Contribution to duration of corporate debt by sector
0.21
0.24
0.12
0.12
0.13
0.20
0.09
0.04
0.09
0.16
0.04
0.06
0.05
0.04
0.05
0.02
0.03
0.06
0.00
0.05
0.12
0.00
0.08
0.04
Telecommunications
Basic Industry
Energy
Utility
Real Estate
Automotive
Capital Goods
Transportation
Healthcare
0.00

## Contribution to duration by maturity
7.78
7.47
9
7.11
8
0.11
6.17
7
0.03
0.05
6
0.00
5
Other
4
3
0.33
2
0.01
0.00
0.00
0.00
0.14
0.00
0.04
1
0
Portfolio	Performance Indicator*
1-3 years	3-5 years	5-7 years	7-10 years  10-20 years  +20 years
Consumer Goods
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 4.88% | 7.50% | 8.71% | 8.31% |
| Indicateur de performance** | 4.96% | 7.43% | 8.49% | 8.11% |
| Risque relatif (tracking error) | 1.01% | 0.72% | 0.88% | 1.18% |
| Ratio de Sharpe | 0.20 | 0.49 | 0.91 | 0.76 |
| Ratio d'information | -0.35 | 0.28 | 0.38 | 1.05 |

* Date de la 1ère Valeur Liquidative : 17/04/2006
** Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique Source(s) : AXA Investment Managers au 31/08/2018
Rédacteur : AXA Investment Managers Paris