# Performance & Risk
## Performance Evolution (USD)
Yield to maturity	3.28
Mod. Duration To Worst	3.24

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 93.1% (not meaningful for coverage below 50%)
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portfolio* (-0.85%)
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* (%) | 9.71 | 11.83 | 9.80 | 9.04 |
| Sharpe Ratio | -0.87 | 0.05 | 0.10 | 0.23 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/11/21 30/11/22 | 30/11/20 30/11/21 | 30/11/19 30/11/20 | 30/11/18 30/11/19 | 30/11/17 30/11/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.28 | 1.03 | -3.65 | -10.92 | -0.85 | 3.55 | -8.60 | 3.89 | 4.42 | 8.22 | -3.49 | 10.88 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.81 | 5.25 | 12.30 | -6.00 | 10.07 | - | - | - | - | - |

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.
31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022

## Asset Allocation (%)
-30	-20	-10	0	10	20	30	40	50	60	70	80	90	100	110	120
| Investment Grade Credit Bonds | 22.86 | 21.81 | 17.02 | 16.53 | 16.68 | 19.64 | 23.11 | 23.01 | 22.77 | 22.39 | 22.66 | 25.14 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Emerging and High Yield Bonds | 27.55 | 27.64 | 30.97 | 29.95 | 30.25 | 26.17 | 25.53 | 25.60 | 26.13 | 25.28 | 26.18 | 26.23 |
| Index Linked Bonds | 5.19 | 5.15 | 5.25 | 5.16 | 5.23 | 5.04 | 5.10 | 5.26 | 5.09 | 4.97 | 0.41 | 0.13 |
| Cash | 4.49 | 6.25 | 7.48 | 6.46 | 4.97 | 6.12 | 3.45 | 2.22 | 3.25 | 5.35 | 2.32 | 2.97 |
| Diversification | -23.40 | -21.42 | 9.45 | 10.85 | 14.93 | 22.97 | 22.13 | 7.22 | 5.67 | 14.29 | 9.84 | 8.70 |
| Global Equities | 39.37 | 33.34 | 29.79 | 32.88 | 31.20 | 31.67 | 30.51 | 29.43 | 22.98 | 31.13 | 30.44 | 26.92 |
| Emerging and Commodities Equities | 4.64 | 4.58 | 4.42 | 4.26 | 4.27 | 4.31 | 4.28 | 4.26 | 4.22 | 4.08 | 3.93 | 4.11 |
| Real Estate and Healthcare Equity sector | 1.30 | 1.21 | 1.19 | 1.36 | 1.48 | 1.44 | 1.34 | 1.54 | 1.45 | 1.52 | 1.54 | 1.51 |


## Currency Breakdown (%)
70
60
50
40
30
20
10
0	EUR	USD	JPY	CHF	HKD	SEK	Other
Portfolio	63.08	23.25	3.46	1.86	1.21	1.10	6.04
| Sector Breakdown (%) |  |  | Geographical Breakdown (%) |  |
| --- | --- | --- | --- | --- |
|  | Portfolio |  |  | Portfolio |
| Health Care | 6.70 |  | North America | 19.81 |
| Financials | 5.54 |  | Japan | 5.20 |
| Communication Services | 2.89 |  | Emerging Markets | 4.50 |
| Cons. stap. | 2.85 |  | Asia ex Japan | 1.55 |
| Materials | 2.48 |  | Others | 1.45 |
| IT | 1.73 |  | European Economic Area | -6.42 |
| Real estate | 1.52 |  |
| Industrials | 0.72 |
| Energy | 0.70 |
| Cons. disc. | 0.69 |
| Utilities | 0.28 |
| MarketCap Breakdown (EUR - %) |  |

14
12
10
8
6
4
2
0	500mn To 1bn
1bn To 3bn
3bn To 5bn
5bn To 10bn
10bn To 25bn
25bn To 100bn
100bn To 250bn
More Than 250bn
Port.	0.01	0.38	0.30	2.71	6.15	12.83	6.07	5.04

## Other information
Portfolio
Current dividend yield (%)	5.61
Fixed Income : 56% of the Overall Portfolio

## Fund Key Metrics
Portfolio
Number of Holdings	488
Number of Issuers	337
Linear Average Rating	BBB-
Portfolio
Mod. Duration To Worst	3.24
Yield To Worst (%)	6.16

## Maturity Breakdown (%)
16
12
8
4
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	1.81	11.44	14.30	9.14	10.85	5.85	6.73

## Rating Breakdown (%)
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	CC	D	NR
Portfolio	0.32	1.79	7.43	23.93	12.60	9.33	1.30	0.34	0.13	0.15

## Instrument Type Breakdown (%)
35
30
25
20
15
10
5
0
-5	Industrials	Financial	Sovereign	Quasi & Foreign
Government
Utility	Not Classified	Cash
Portfolio	32.64	15.47	5.85	4.92	2.93	0.07	-1.78

Translation (ENIT, 2022-11-30):
# Performance e rischio
## Evoluzione della performance (USD)
Yield to maturity	3.28
Mod. Duration To Worst	3.24

## Profilo del fondo
Rating ESG
% di AUM coperta dal rating assoluto ESG: Portafoglio = 93.1% (non significativo per copertura inferiore al 50%)
29/11/19
30/05/20
30/11/20
30/05/21
30/11/21
30/05/22 30/11/22
Portafoglio* (-0.85%)
I dati sono calcolati su base 100 da AXA IM alla data di partenza indicata nel grafico.
Le performance pregresse non costituiscono un indicatore affidabile dei risultati futuri. I calcoli della performance sono al netto di commissioni e si basano sul reinvestimento dei dividendi. Il benchmark, ove presente, può essere calcolato sulla base del dividendo netto o lordo. Si rimanda al prospetto informativo per maggiori informazioni.
| Analisi del rischio |  |
| --- | --- |
|  | 1 anno | 3 anni | 5 anni | Lancio |
| Volatility del portafoglio* (%) | 9.71 | 11.83 | 9.80 | 9.04 |
| Sharpe Ratio | -0.87 | 0.05 | 0.10 | 0.23 |


## Performance rolling (%)
30/11/22
1 mese	3 mesi	6 mesi	YTD	3 anni	5 anni	30/11/21
30/11/20
30/11/21
30/11/19
30/11/20
30/11/18
30/11/19
30/11/17
30/11/18
Lancio
Portafoglio*	5.28	1.03	-3.65	-10.92	-0.85	3.55	-8.60	3.89	4.42	8.22	-3.49	10.88

## Performance annua (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portafoglio* | 3.81 | 5.25 | 12.30 | -6.00 | 10.07 | - | - | - | - | - |

Le performance pregresse non costituiscono un indicatore affidabile dei risultati futuri. I calcoli della performance sono al netto di commissioni e si basano sul reinvestimento dei dividendi. Il benchmark, ove presente, può essere calcolato sulla base del dividendo netto o lordo. Si rimanda al prospetto informativo per maggiori informazioni.
31/12/2021
31/01/2022
28/02/2022
31/03/2022
29/04/2022
31/05/2022
30/06/2022
29/07/2022
31/08/2022
30/09/2022
31/10/2022
30/11/2022

## Asset Allocation (%)
-30	-20	-10	0	10	20	30	40	50	60	70	80	90	100	110	120
| Titoli di credito investment grade | 22.86 | 21.81 | 17.02 | 16.53 | 16.68 | 19.64 | 23.11 | 23.01 | 22.77 | 22.39 | 22.66 | 25.14 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Obbligazioni dei mercati emergenti e ad alto rendimento | 27.55 | 27.64 | 30.97 | 29.95 | 30.25 | 26.17 | 25.53 | 25.60 | 26.13 | 25.28 | 26.18 | 26.23 |
| Obbligazioni indicizzate | 5.19 | 5.15 | 5.25 | 5.16 | 5.23 | 5.04 | 5.10 | 5.26 | 5.09 | 4.97 | 0.41 | 0.13 |
| Liquidità | 4.49 | 6.25 | 7.48 | 6.46 | 4.97 | 6.12 | 3.45 | 2.22 | 3.25 | 5.35 | 2.32 | 2.97 |
| Diversificazione | -23.40 | -21.42 | 9.45 | 10.85 | 14.93 | 22.97 | 22.13 | 7.22 | 5.67 | 14.29 | 9.84 | 8.70 |
| Azioni globali | 39.37 | 33.34 | 29.79 | 32.88 | 31.20 | 31.67 | 30.51 | 29.43 | 22.98 | 31.13 | 30.44 | 26.92 |
| Azioni dei mercati emergenti e legate alle materie prime | 4.64 | 4.58 | 4.42 | 4.26 | 4.27 | 4.31 | 4.28 | 4.26 | 4.22 | 4.08 | 3.93 | 4.11 |
| Azioni del settore immobiliare e della salute | 1.30 | 1.21 | 1.19 | 1.36 | 1.48 | 1.44 | 1.34 | 1.54 | 1.45 | 1.52 | 1.54 | 1.51 |


## Esposizione valutaria (%)
70
60
50
40
30
20
10
0	EUR	USD	JPY	CHF	HKD	SEK	Altro
Portafoglio	63.08	23.25	3.46	1.86	1.21	1.10	6.04
| Ripartizione per settore (%) |  |  | Esposizione geografica (%) |  |
| --- | --- | --- | --- | --- |
|  | Portafoglio |  |  | Portafoglio |
| Salute | 6.70 |  | North America | 19.81 |
| Finanziari | 5.54 |  | Giappone | 5.20 |
| Serv. Di Com | 2.89 |  | Mercati Emergenti | 4.50 |
| Cons. non cicl. | 2.85 |  | Asia es Giappone | 1.55 |
| Materials | 2.48 |  | Altro | 1.45 |
| Tecnologia | 1.73 |  | I paesi membri della zona SEE | -6.42 |
| Inv. Immob. | 1.52 |  |
| Industriali | 0.72 |
| Energia | 0.70 |
| Cons. Cicl. | 0.69 |
| Serv. Pubb. | 0.28 |
| Ripartizione per cap. di mercato (EUR - %) |  |

14
12
10
8
6
4
2
0	Da 500 Mio
a 1 Mrd
Da 1 a 3 Mrd
Da 3 a 5 Mrd
Da 5 a 10 Mrd
Da 10 a 25
Mrd
Da 25 a
100 Mrd
Da 100 a
250 Mrd
Più di 250 Mrd
Port.	0.01	0.38	0.30	2.71	6.15	12.83	6.07	5.04

## Altre informazioni
Portafoglio
Dividend yield corrente (%)	5.61
Reddito fisso : 56% del portafoglio complessivo

## Caratteristiche del portafoglio
Portafoglio
Numero complessivo di titoli	488
Numero di emittenti	337
Rating medio - metodo lineare	BBB-
Portafoglio
Mod. Duration To Worst	3.24
Yield to worst (%)	6.16

## Ripartizione per vita residua (%)
16
12
8
4
0	0-1 anni	1-3 anni	3-5 anni	5-7 anni	7-10 anni	10-20 anni	+20 anni
Portafoglio	1.81	11.44	14.30	9.14	10.85	5.85	6.73

## Ripartizione per rating (%)
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	CC	D	NR
Portafoglio	0.32	1.79	7.43	23.93	12.60	9.33	1.30	0.34	0.13	0.15

## Esposizione per tipo di strumento (%)
35
30
25
20
15
10
5
0
|  | Industria | Finanziari | Sovereign | Quasi & Foreign Government | Servizi pubblici | Non classificato | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portafoglio | 32.64 | 15.47 | 5.85 | 4.92 | 2.93 | 0.07 | -1.78 |

-5