# Performance & Risk
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## Performance Evolution (EUR)
116
112
108
104
100
96
% of AUM covered by ESG absolute rating: Portfolio = 96.1% Benchmark = 96.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 88.9% Benchmark = 89.5% (not meaningful for coverage below 50%)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (12.19%)	Benchmark (8.05%)
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* (%) | 1.67 | 6.12 | 4.91 | 4.26 |
| Benchmark Volatility (%) | 1.66 | 5.12 | 4.14 | 3.74 |
| Relative Risk/Tracking Error  (%) | 0.41 | 1.24 | 1.04 | 1.28 |
| Sharpe Ratio | 2.06 | 0.78 | 0.68 | 0.87 |
| Information Ratio | 3.49 | 1.45 | 1.26 | 0.90 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | -0.55 | 0.27 | 0.70 | -0.02 | 12.19 | 13.04 | 2.50 | 2.10 | 7.20 | -0.57 | 1.34 | 88.63 |
| Benchmark | -0.66 | 0.08 | 0.36 | -0.33 | 8.05 | 8.65 | 1.59 | 0.21 | 6.13 | 0.06 | 0.50 | 70.19 |
| Excess Return | 0.12 | 0.20 | 0.34 | 0.32 | 4.14 | 4.39 | 0.91 | 1.88 | 1.07 | -0.63 | 0.84 | 18.44 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.65 | 7.87 | -1.85 | 3.04 | 4.92 | -1.14 | 7.99 | 2.78 | 16.09 | 2.73 |
| Benchmark | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 | 12.64 | 1.88 |
| Excess Return | 2.00 | 1.64 | -0.72 | 0.63 | 0.16 | -0.70 | -0.31 | 0.43 | 3.45 | 0.85 |

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 |
| AXA WF Euro Credit Total Return | 2.62 | France | -1.8 | -0.05 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.87 | Australia | 7.4 | 0.06 |
| Bundesschatzanweisungen 09/15/2023 | 0.85 | Germany | 2.0 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 0.85 | France | 2.0 | 0.02 |
| RTE Reseau de Transport d'Elec 1.125% 07/08/2040 | 0.80 | France | 16.6 | 0.13 |
| Telecom Italia SpA 2.75% 04/15/2025 | 0.79 | Italy | 3.1 | 0.02 |
| General Electric Co 0.875% 05/17/2025 | 0.78 | United States | 3.3 | 0.03 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.73 | China | 4.4 | 0.03 |
| Groupama SA VAR PERP | 0.73 | France | 2.5 | 0.02 |
| Wintershall Dea Finance BV 1.33% 09/25/2028 | 0.68 | Germany | 6.4 | 0.04 |
| Total (%) | 9.71 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Industrials | 47.67 | 55.66 |
| Financial | 40.44 | 35.26 |
| Utility | 10.83 | 8.92 |
| Other | 1.83 | 0.00 |
| Cash | -0.76 | 0.16 |


## Contribution to duration by sector
4
3
2
1
0
Industrials
Financial
Utility
Securitized
Cash
Other
-1
Port.	2.5	1.8	0.8	0.1	0.3	-0.4
Bench.	3.2	1.5	0.5	-	-	-

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 18.87 | 21.34 |
| --- | --- | --- |
| Italy | 13.77 | 5.50 |
| Spain | 12.43 | 5.38 |
| United States | 11.53 | 18.36 |
| Germany | 10.23 | 14.66 |

United Kingdom	9.21	7.93
Portugal	3.96	0.37
Ireland	3.25	0.92
Australia	2.81	1.98
Switzerland	2.65	2.83
Other	12.08	17.91
Cash	-0.76	0.16
1.5
1.2
0.9
0.6
0.3
France
Italy
United States
Spain
United Kingdom
Germany
Switzerland
Portugal
Australia
Other
0.0
Port.	1.1	0.7	0.6	0.5	0.4	0.4	0.2	0.2	0.2	0.7
Bench. 1.2	0.3	1.1	0.2	0.4	0.8	0.2	-	0.1	1.0

## Maturity Breakdown (%)
40
30
20
10
0
|  | Cash | 0-1 year | 1-3 years | 3-5 years | 5-7 years | 7-10 years | 10-20 years | +20 years |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | -0.76 | 1.78 | 16.22 | 30.58 | 23.18 | 19.48 | 8.35 | 1.18 |
|  | Benchmark | 0.16 | 1.11 | 23.76 | 24.68 | 21.01 | 16.83 | 9.88 | 2.57 |

-10

## Rating Breakdown (%)
60
40
20
0
|  | AAA | AA | A | BBB | BB | B | N/A | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 0.93 | 1.52 | 24.14 | 56.80 | 14.57 | 2.33 | 0.47 | -0.76 |
|  | Benchmark | 0.35 | 8.83 | 38.27 | 52.37 | 0.02 | - | - | 0.16 |

-20

## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	GBP
| Portfolio | 99.88 | 0.12 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENFR, 2021-09-30):
# Performance et risque
## Evolution de la performance (EUR)
Notation ESG relative
Intensité relative en CO2
% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 96.1% Indice de référence = 96.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
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116
112
108
104
100
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 88.9% Indice de référence = 89.5% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
Portefeuille* (12.19%)	Indice de réference (8.05%)
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* (%) | 1.67 | 6.12 | 4.91 | 4.26 |
| Volatilité de l'indice de référence (%) | 1.66 | 5.12 | 4.14 | 3.74 |
| Risque relatif/Tracking Error  (%) | 0.41 | 1.24 | 1.04 | 1.28 |
| Ratio de Sharpe | 2.06 | 0.78 | 0.68 | 0.87 |
| Ratio d'information | 3.49 | 1.45 | 1.26 | 0.90 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD  3 ans  5 ans	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16  Création |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portefeuille* | -0.55 | 0.27 | 0.70 | -0.02 | 12.19 | 13.04 | 2.50 | 2.10 | 7.20 | -0.57 | 1.34 | 88.63 |
| Indice de réference | -0.66 | 0.08 | 0.36 | -0.33 | 8.05 | 8.65 | 1.59 | 0.21 | 6.13 | 0.06 | 0.50 | 70.19 |
| Ecarts | 0.12 | 0.20 | 0.34 | 0.32 | 4.14 | 4.39 | 0.91 | 1.88 | 1.07 | -0.63 | 0.84 | 18.44 |


## Performance calendaire annuelle (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 4.65 | 7.87 | -1.85 | 3.04 | 4.92 | -1.14 | 7.99 | 2.78 | 16.09 | 2.73 |
| Indice de réference | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 | 12.64 | 1.88 |
| Ecarts | 2.00 | 1.64 | -0.72 | 0.63 | 0.16 | -0.70 | -0.31 | 0.43 | 3.45 | 0.85 |

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 |
| AXA WF Euro Credit Total Return | 2.62 | France | -1.8 | -0.05 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.87 | Australie | 7.4 | 0.06 |
| Bundesschatzanweisungen 09/15/2023 | 0.85 | Allemagne | 2.0 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 0.85 | France | 2.0 | 0.02 |
| RTE Reseau de Transport d'Elec 1.125% 07/08/2040 | 0.80 | France | 16.6 | 0.13 |
| Telecom Italia SpA 2.75% 04/15/2025 | 0.79 | Italie | 3.1 | 0.02 |
| General Electric Co 0.875% 05/17/2025 | 0.78 | Etats-Unis | 3.3 | 0.03 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.73 | Chine | 4.4 | 0.03 |
| Groupama SA VAR PERP | 0.73 | France | 2.5 | 0.02 |
| Wintershall Dea Finance BV 1.33% 09/25/2028 | 0.68 | Allemagne | 6.4 | 0.04 |
| Total (%) | 9.71 |  |  |  |

| Exposition sectorielle (%) |  |
| --- | --- |
|  | Portefeuille | Benchmark |
| Industrie | 47.67 | 55.66 |
| Finance | 40.44 | 35.26 |
| Serv. aux collect. | 10.83 | 8.92 |
| Autres | 1.83 | 0.00 |
| Cash | -0.76 | 0.16 |


## Contribution à la duration par secteur
4
3
2
1
0
Industrie
Finance
Serv. aux
collect.
Securitized
Cash
Autres
-1
Port.	2.5	1.8	0.8	0.1	0.3	-0.4
Indice de réf.	3.2	1.5	0.5	-	-	-

## Exposition géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| France | 18.87 | 21.34 |
| Italie | 13.77 | 5.50 |
| Espagne | 12.43 | 5.38 |
| Etats-Unis | 11.53 | 18.36 |
| Allemagne | 10.23 | 14.66 |

Royaume-Uni	9.21	7.93
Portugal	3.96	0.37
Irlande	3.25	0.92
Australie	2.81	1.98
Suisse	2.65	2.83
Autres	12.08	17.91
Cash	-0.76	0.16
Contribution à la duration par géographie
1.5
1.2
0.9
0.6
0.3
France
Italie
Etats-Unis
Espagne
Royaume-Uni
Allemagne
Suisse
Portugal
Australie
Autres
0.0
Port.	1.1  0.7  0.6  0.5  0.4  0.4  0.2  0.2  0.2  0.7
Indice de réf. 1.2 0.3 1.1 0.2 0.4 0.8 0.2	-	0.1  1.0

## Exposition par Maturité (%)
40
30
20
10
0
|  | Cash | 0-1 an | 1-3 ans | 3-5 ans | 5-7 ans | 7-10 ans | 10-20 ans | + 20 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | -0.76 | 1.78 | 16.22 | 30.58 | 23.18 | 19.48 | 8.35 | 1.18 |
|  | Benchmark | 0.16 | 1.11 | 23.76 | 24.68 | 21.01 | 16.83 | 9.88 | 2.57 |

-10

## Exposition par rating (%)
60
40
20
0
|  | AAA | AA | A | BBB | BB | B | N/A | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portefeuille | 0.93 | 1.52 | 24.14 | 56.80 | 14.57 | 2.33 | 0.47 | -0.76 |
|  | Benchmark | 0.35 | 8.83 | 38.27 | 52.37 | 0.02 | - | - | 0.16 |

-20

## Exposition par devise (%)
120
100
80
60
40
20
0
EUR	GBP
| Portefeuille | 99.88 | 0.12 |
| --- | --- | --- |
| Benchmark | 100.00 | - |