# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 0.45% | 0.80% | 0.83% | 1.73% |
| Performance Indicator** | 0.35% | 0.56% | 0.55% | 1.34% |
| Relative risk ('tracking error') | 0.27% | 0.36% | 0.40% | 1.11% |
| Sharpe ratio | 0.41 | 1.42 | 1.88 | 1.04 |
| Information ratio | -0.88 | 0.02 | 0.47 | -0.23 |

* 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

Translation (ENES, 2018-08-31):
# Análisis del riesgo
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 A. | 3 A. | 5 A. | Inicio |
| Volatilidad anualizada Cartera* | 0.45% | 0.80% | 0.83% | 1.73% |
| Indicador de rentabilidad** | 0.35% | 0.56% | 0.55% | 1.34% |
| Riesgo relativo (' tracking error ') | 0.27% | 0.36% | 0.40% | 1.11% |
| Ratio de Sharpe | 0.41 | 1.42 | 1.88 | 1.04 |
| Ratio de información | -0.88 | 0.02 | 0.47 | -0.23 |

* Fecha del primer VL: 17/04/2006
** Indicador de rentabilidad : Consulte por favor la sección del Indicador de rentabilidad, en la parte del documento de características/aviso legal Fuente(s) : AXA Investment Managers a 31/08/2018
Redactor: AXA Investment Managers Paris.
| Análisis de la cartera |  |
| --- | --- |
| Características de la cartera |  |  |  | Características de la cartera |  |  |
|  | Cartera | Indicador de rentabilidad* |  |  | Cartera | Indicador de rentabilidad* |
| Liquidez | 6.06% | 0.13% |  | Duration to worst | 1.68 | 1.92 |
| Número de líneas | 291 | 645 |  | Spread duration | 1.52 | 1.93 |
| Número de emisores | 171 | 308 |  | Cupón medio | 2.16% | 2.67% |
| Calificación media lineal | BBB1 | A3 |  | Yield to worst | 0.36 | 0.24 |
| Calificación media ponderada | BBB1 | BBB1 |  | Asset swap spread | 51 | 40 |
| Vencimiento medio | 1.84 | 1.97 |  |  |  |  |


## Exposición sectorial
Sectores no cíclicos
10.09%
12%
7.54%
10%
6.28%
5.86%
5.35%
5.46%
8%
4.41%
3.67%
6%
3.29%
1.85%
4%
0.29%
0.69%
2%
0%
Telecom.	Consumo	Deuda
pública
Cuidado médico
Transporte	Servicios
3.05%
4.61%
Cartera	Indicador de rentabilidad*

## Sectores cíclicos
8.04%
8.07%
4.90%
6.87%
10%
8%
6%
4%
2%
Automoción
Ind. básica
0%

## Sectores financieros
44%
40%
36%
32%
28%
24%
0.00%
0.54%
20%
16%
12%
8%
4%
0%
3.34%
2.37%
2.32%
2.26%
1.43%
1.02%
0.73%
1.09%
0.54%
0.91%
Bienes
inmuebles
Energía
B. Equip
Tecnolog. &
electrónica
Servicios
Media
Ocio
Cartera	Indicador de rentabilidad*
Finanzas	Seguros	Servicios financieros
Cartera	Indicador de rentabilidad*

## Exposición por zona geográfica
|  | Cartera | Indicador de rentabilidad* |
| --- | --- | --- |
| Europa Central | 35.31% | 46.28% |
| Europa Periférica | 19.62% | 12.77% |
| Estados Unidos | 16.52% | 11.31% |
| Resto del mundo | 14.35% | 20.53% |
| Reino Unido | 8.13% | 8.98% |
| Liquidez | 6.06% | 0.13% |
| Total | 100.00% | 100.00% |
| a 31/08/2018 |  |  |

Exposición por país
17.47%
19.33%
16.52%
11.31%
8.96%
16.87%
8.50%
6.08%
8.13%
8.98%
6.97%
5.46%
15.34%
21%
18%
15%
5.22%
6.88%
4.98%
3.39%
2.89%
0.75%
2.87%
1.62%
2.34%
0.31%
2.06%
3.57%
7.03%
6.06%
12%
9%
0.13%
6%
3%
Francia
Estados Unidos
Alemania
Italia
Reino Unido
España
Países Bajos
Suiza
Irlanda
Bélgica
Canadá
Suecia
Otros
Liquidez
0%
Cartera	Indicador de rentabilidad*