# AXA IM Euro Inflation Bonds EUR
## Benchmark
Since: 31/05/2003
100% Bloomberg Euro Govt Inflation-Linked All Mat
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Linear Average Rating | A+ | A+ |
| Mod. Duration | 8.38 | 8.57 |
| Mod. Duration To Worst | 8.38 | 8.57 |
| Yield To Worst (%) | -1.62 | -1.66 |
| Number of Holdings | 36 | 37 |
| Number of Issuers | 5 | 4 |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

% of AUM covered by ESG absolute rating: Portfolio = 99.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
| Key Figures (EUR)* Fund Cumulative Performance (%)		Current NAV YTD	1Y	3Y	10Y	Launch	Acc.		Inc. +5.55	+5.55	+16.47	+39.21	+99.17	199.19	155.69 Fund Annualized Performance (%)	Assets Under Management (M) 3 Y.	5 Y.	10 Y.	Launch		EUR +5.21	+2.97	+3.36	+3.67	50.59 Dividend Record |  |
| --- | --- |
|  | Record Date | Ex-Date | Dividend per Share | 12 month Yield (%) |
| May 2018 | 14/05/2018 | 15/05/2018 | 1.29 | 0.92 |
| May 2019 | 14/05/2019 | 15/05/2019 | 1.20 | 0.88 |
| May 2020 | 14/05/2020 | 15/05/2020 | 1.13 | 0.84 |
| May 2021 | 14/05/2021 | 17/05/2021 | 0.86 | 0.58 |
| 12 Month Yield = (Sum of Dividends) / (Ending NAV). The 12 Month yield is calculated based on the sum of the |
| distributions over the previous 12 months and the latest NAV. The 12 month yield may be higher or lower than |
| the actual annual dividend yield. A positive distribution yield does not imply positive return. Dividends are not |
| guaranteed. Past dividends are not indicative of future dividends. |
| Please note that a positive distribution yield does not imply a positive return. Investors should not make any |
| investment decision solely based on information contained in the table above. You should read the relevant |
| offering document (including the key facts statement) of the fund for further details including the risk factors. |
| Performance & Risk |
| Performance Evolution (EUR) |
| 120 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| 115 |
|  |  |  |  |  |  |  |
| 110 |
|  |  |  |  |  |  |  |
| 105 |
|  |  |  |  |  |  |  |
| 100 |
|  |  |  |  |  |  |  |
| 95 |
| 31/12/18 | 30/06/19 | 31/12/19 | 30/06/20	31/12/20 | 30/06/21 31/12/21 |  |
| Portfolio* (16.47%)	Benchmark (16.87%) |  |
| 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* (%) | 4.83 | 5.41 | 4.70 | 5.12 |
| Benchmark Volatility (%) | 4.94 | 5.51 | 4.75 | 5.14 |
| Relative Risk/Tracking Error  (%) | 0.44 | 0.38 | 0.34 | 0.77 |
| Sharpe Ratio | 1.31 | 1.10 | 0.78 | 0.57 |
| Information Ratio | -0.94 | 0.66 | 0.53 | 0.18 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16	Launch |
|  |  |  |  |  |  |  | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |  |
| Portfolio* | 0.23 | 1.49 | 4.35 | 5.55 | 16.47 | 15.78 | 5.55 | 3.40 | 6.71 | -1.85 | 1.28 | 99.17 |
| Benchmark | 0.14 | 1.68 | 4.61 | 6.35 | 16.87 | 16.78 | 6.35 | 3.13 | 6.56 | -1.46 | 1.40 | 105.09 |
| Excess Return | 0.09 | -0.19 | -0.27 | -0.80 | -0.40 | -1.00 | -0.80 | 0.28 | 0.15 | -0.39 | -0.12 | -5.92 |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018	2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.55 | 3.40 | 6.71 | -1.85 | 1.28 | 3.73 | 1.67 | 6.23 | -3.81 | 11.58 |
| Benchmark | 6.35 | 3.13 | 6.56 | -1.46 | 1.40 | 3.79 | 0.82 | 5.27 | -3.90 | 10.96 |
| Excess Return | -0.80 | 0.28 | 0.15 | -0.39 | -0.12 | -0.06 | 0.85 | 0.96 | 0.09 | 0.62 |
| 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 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.85 | France | 2.6 | 0.13 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.79 | France | 5.4 | 0.26 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.68 | Germany | 8.3 | 0.39 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.21 | Italy | 12.1 | 0.51 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.12 | France | 16.8 | 0.69 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 4.11 | United States | 4.8 | 0.20 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.72 | France | 9.5 | 0.36 |
| Italy (Republic of) 0.1% 05/15/2023 | 3.66 | Italy | 1.4 | 0.05 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.60 | Italy | 16.5 | 0.59 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.40 | Germany | 4.4 | 0.15 |
| Total (%) | 41.15 |  |  |  |

Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	99.32	100.00	10
Cash	0.68	0.00	8
6
4
2
0
Treasury
Port.	8.4
Bench.	8.6

## Geographical Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| France | 40.65 | 43.09 |
| Italy | 29.11 | 29.81 |
| Germany | 14.07 | 15.23 |
| Spain | 11.37 | 11.87 |

United States	4.11	0.00
Cash	0.68	0.00

## Contribution to Duration by Geography
4
3
2
1
0
France
Italy
Germany
Spain
United
States
United
Kingdom
-1
Port.	3.8	2.4	1.3	0.8	0.2	-0.2
Bench.	3.8	2.4	1.5	0.8	-	-

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 0.68 | 17.97 | 15.61 | 13.18 | 19.61 | 25.46 | 7.47 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 22.17 | 11.78 | 13.33 | 19.91 | 25.31 | 7.50 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portfolio | 18.18 | 40.65 | 5.51 | 34.97 | 0.68 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 15.23 | 43.09 | 6.22 | 35.45 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	USD
| Portfolio | 95.86 | 4.14 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENFR, 2021-12-31):
# AXA IM Euro Inflation Bonds EUR
## Indice de réference
Depuis le: 31/05/2003
100% Bloomberg Euro Govt Inflation-Linked All Mat

## Caractéristiques du portefeuille
|  | Port. | Indice de réf. |
| --- | --- | --- |
| Rating moyen linéaire | A+ | A+ |
| Mod. Duration | 8.38 | 8.57 |
| Mod. Duration To Worst | 8.38 | 8.57 |
| Yield to worst (%) | -1.62 | -1.66 |
| Nombre de lignes | 36 | 37 |
| Nombre d'émetteurs | 5 | 4 |
| Profil du portefeuille |  |  |
| Notation ESG |  |  |
| Notation ESG relative |  |  |
| Intensité relative en CO2 |  |  |

% de l’encours sous gestion couvert par la note ESG absolue : Portefeuille = 99.3% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
% de l’encours sous gestion couvert par l’indicateur d’intensité en CO2 : Portefeuille = 99.3% Indice de référence = 100.0% (n'est pas significatif lorsque le taux de couverture est inférieur à 50%)
| Chiffres clés (EUR)* Performances cumulées du fonds (%)		Valeur liquidative YTD	1 an	3 ans	10 ans  Création	Cap.		Dis. +5.55	+5.55	+16.47	+39.21	+99.17	199.19	155.69 Performances annualisées du fonds (%)	Actif net du fonds (M) 3 ans	5 ans	10 ans	Création		EUR +5.21	+2.97	+3.36	+3.67	50.59 Historique du dividende |  |
| --- | --- |
|  | Date | Date de détachement | Dividende  Rendement sur 12 mois |
|  | d’enregistrement | du dividende | par part |
| Mai 2018 | 14/05/2018 | 15/05/2018 | 1.29	0.92 |
| Mai 2019 | 14/05/2019 | 15/05/2019 | 1.20	0.88 |
| Mai 2020 | 14/05/2020 | 15/05/2020 | 1.13	0.84 |
| Mai 2021 | 14/05/2021 | 17/05/2021 | 0.86	0.58 |
| Rendement sur 12 mois = (Somme des dividendes) / (VL de clôture). Le rendement sur 12 mois est calculé selon |
| le rapport entre la somme des distributions sur les 12 derniers mois et la dernière VL. Le rendement sur 12 mois |
| peut être supérieur ou inférieur au rendement annuel du dividende effectif. Un rendement du dividende positif |
| n’implique pas une performance positive. Les dividendes ne sont pas garantis. Les dividendes antérieurs ne |
| présagent pas des dividendes futurs. |
| Veuillez noter qu’un rendement du dividende positif n’implique pas une performance positive. Les investisseurs |
| ne doivent prendre aucune décision d’investissement fondée uniquement sur les informations contenues dans |
| le tableau ci-dessus. Vous devez lire le document d’offre pertinent (y compris les chiffres clés) du fonds pour |
| obtenir plus d’informations, y compris les facteurs de risque. |
| Performance et risque |
| Evolution de la performance (EUR) |
| 120 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| 115 |
|  |  |  |  |  |  |  |
| 110 |
|  |  |  |  |  |  |  |
| 105 |
|  |  |  |  |  |  |  |
| 100 |
|  |  |  |  |  |  |  |
| 95 |
| 31/12/18 | 30/06/19 | 31/12/19	30/06/20 | 31/12/20	30/06/21 31/12/21 |  |
| Portefeuille* (16.47%)	Indice de réference (16.87%) |  |
| 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* (%) | 4.83 | 5.41 | 4.70 | 5.12 |
| Volatilité de l'indice de référence (%) | 4.94 | 5.51 | 4.75 | 5.14 |
| Risque relatif/Tracking Error  (%) | 0.44 | 0.38 | 0.34 | 0.77 |
| Ratio de Sharpe | 1.31 | 1.10 | 0.78 | 0.57 |
| Ratio d'information | -0.94 | 0.66 | 0.53 | 0.18 |
| Performance glissante (%) |  |  |  |  |
| 1 mois	3 mois	6 mois	YTD  3 ans  5 ans	31/12/20	31/12/19	31/12/18	31/12/17	31/12/16  Création |
|  |  |  |  |  |  |  | 31/12/21 | 31/12/20 | 31/12/19 | 31/12/18 | 31/12/17 |  |
| Portefeuille* | 0.23 | 1.49 | 4.35 | 5.55 | 16.47 | 15.78 | 5.55 | 3.40 | 6.71 | -1.85 | 1.28 | 99.17 |
| Indice de réference | 0.14 | 1.68 | 4.61 | 6.35 | 16.87 | 16.78 | 6.35 | 3.13 | 6.56 | -1.46 | 1.40 | 105.09 |
| Ecarts | 0.09 | -0.19 | -0.27 | -0.80 | -0.40 | -1.00 | -0.80 | 0.28 | 0.15 | -0.39 | -0.12 | -5.92 |


## Performance calendaire annuelle (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille* | 5.55 | 3.40 | 6.71 | -1.85 | 1.28 | 3.73 | 1.67 | 6.23 | -3.81 | 11.58 |
| Indice de réference | 6.35 | 3.13 | 6.56 | -1.46 | 1.40 | 3.79 | 0.82 | 5.27 | -3.90 | 10.96 |
| Ecarts | -0.80 | 0.28 | 0.15 | -0.39 | -0.12 | -0.06 | 0.85 | 0.96 | 0.09 | 0.62 |
| 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 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.85 | France | 2.6 | 0.13 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.79 | France | 5.4 | 0.26 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.68 | Allemagne | 8.3 | 0.39 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.21 | Italie | 12.1 | 0.51 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.12 | France | 16.8 | 0.69 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2026 | 4.11 | Etats-Unis | 4.8 | 0.20 |
| France Government Bond OAT 3.15% 07/25/2032 | 3.72 | France | 9.5 | 0.36 |
| Italy (Republic of) 0.1% 05/15/2023 | 3.66 | Italie | 1.4 | 0.05 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.60 | Italie | 16.5 | 0.59 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.40 | Allemagne | 4.4 | 0.15 |
| Total (%) | 41.15 |  |  |  |

Exposition sectorielle (%)	Contribution à la duration par secteur
Portefeuille	Benchmark
Trésor	99.32	100.00	10
Cash	0.68	0.00	8
6
4
2
0
Trésor
Port.	8.4
Indice de réf.	8.6

## Exposition géographique (%)
|  | Portefeuille | Benchmark |
| --- | --- | --- |
| France | 40.65 | 43.09 |
| Italie | 29.11 | 29.81 |
| Allemagne | 14.07 | 15.23 |
| Espagne | 11.37 | 11.87 |
| Etats-Unis | 4.11 | 0.00 |
| Cash | 0.68 | 0.00 |

Exposition par Maturité (%)

## Contribution à la duration par géographie
4
3
2
1
0
France
Italie
Allemagne
Espagne
Etats-Unis
Royaume-Uni
-1
| Port.	3.8	2.4 | 1.3 | 0.8 | 0.2 | -0.2 |
| --- | --- | --- | --- | --- |
| Indice de réf.	3.8	2.4 | 1.5 | 0.8 | - | - |

30
25
20
15
10
5
0	Cash	1-3 ans	3-5 ans	5-7 ans	7-10 ans	10-20 ans	+ 20 ans
Portefeuille	0.68	17.97	15.61	13.18	19.61	25.46	7.47
Benchmark	-	22.17	11.78	13.33	19.91	25.31	7.50

## Exposition par rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portefeuille | 18.18 | 40.65 | 5.51 | 34.97 | 0.68 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 15.23 | 43.09 | 6.22 | 35.45 | - |


## Exposition par devise (%)
120
100
80
60
40
20
0
EUR	USD
| Portefeuille | 95.86 | 4.14 |
| --- | --- | --- |
| Benchmark | 100.00 | - |