# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 5.29% | 5.94% | 5.80% | 11.09% |
| Performance Indicator** | 4.77% | 5.61% | 5.45% | - |
| Relative risk ('tracking error') | 1.43% | 0.90% | 1.08% | - |
| Sharpe ratio | -1.04 | 0.76 | 0.87 | 0.40 |
| Information ratio | -0.47 | 0.43 | 0.09 | - |

* 1st NAV date: 23/12/1993
Fund AXA WF Global Emerging Markets Bonds F USD benefits from the historical evolution of the performance of the fund AXA Emergence Rendement, since its creation on the 13/09/2005, because they have the same investment objectives.
** 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 | 5.31% | - |  | Duration to worst | 7.20 | 6.95 |
| Number of Holdings | 130 | 667 |  | Spread duration | 6.30 | 6.81 |
| Number of Issuers | 69 | 73 |  | Average Coupon | 6.23% | 5.96% |
| Linear Average Rating | BB- | BB |  | Yield To Worst | 6.72 | 6.24 |
| Exponential Average Rating | BB- | BB- |  | Asset swap spread | 358 | 302 |
| Average Life | 12.04 | 11.08 |  |  |  |  |

94.89%
100.00%
| Country Breakdown |  |
| --- | --- |
|  | Portfolio | Performance Indicator* |
| Mexico | 8.30% | 5.18% |
| Argentina | 5.32% | 2.71% |
| Indonesia | 4.93% | 4.36% |
| Russia | 4.01% | 3.56% |
| Kazakhstan | 3.62% | 2.84% |
| Ukraine | 3.45% | 2.56% |
| Nigeria | 3.40% | 1.45% |
| Brazil | 3.39% | 3.10% |
| Dominican Republic | 2.88% | 2.67% |
| Oman | 2.73% | 2.64% |
| Colombia | 2.49% | 3.02% |
| Panama | 2.49% | 2.82% |
| Lebanon | 2.10% | 2.34% |
| Turkey | 2.09% | 3.17% |
| South Africa | 2.04% | 2.78% |
| Egypt | 2.01% | 2.54% |
| Chile | 1.98% | 2.80% |
| Jamaica | 1.88% | 1.07% |
| Azerbaijan | 1.86% | 1.18% |
| Philippines | 1.81% | 3.30% |
| Malaysia | 1.75% | 2.65% |
| Uruguay | 1.65% | 2.52% |
| El Salvador | 1.52% | 1.14% |
| India | 1.48% | 0.97% |
| Angola | 1.46% | 1.00% |
| Mongolia | 1.44% | 0.58% |
| Romania | 1.41% | 1.35% |
| Poland | 1.41% | 2.11% |
| Costa Rica | 1.36% | 1.10% |
| Ecuador | 1.32% | 2.56% |
| Venezuela | 1.26% | 0.96% |
| Sri Lanka | 1.25% | 2.02% |
| Irak | 1.11% | 0.66% |
| Ivory Coast | 0.99% | 0.79% |
| Paraguay | 0.98% | 0.68% |
| Other | 11.50% | 22.83% |
| Cash | 5.31% | 0.00% |


## Currency breakdown
120%
100%
80%
60%
1.41%
0.00%
1.22%
0.00%
1.15%
0.00%
1.09%
0.00%
0.98%
0.00%
0.67%
0.00%
0.52%
0.00%
0.46%
0.00%
0.00%
40%
20%
-2.38%
0%
USA DOLLAR
POLISH NEW
ZLOTY
EGYPTIAN
POUND
IDN RUPIAH
TENGE
BRAZILIAN
REAL
ROM LEU
UKRAINE
HRYVNIA
ARGENTINEAN
PESO
Other
-20%
Portfolio	Performance Indicator*
32.22%
35.01%
25.11%
25.36%
26.10%
22.98%

## Rating breakdown
39%
36%
33%
30%
27%
24%
21%
18%
9.83%
15%
12%
9%
6%
3%
0%
0.39%
0.05%
3.50%
5.56%
5.54%
0.00%
0.12%
0.00%
0.09%
1.26%
0.87%
0.56%
0.16%
5.31%
0.00%
AA	A	BBB	BB	B	CCC	CC	C	D	NR	Cash
Portfolio	Performance Indicator*

Translation (ENFR, 2018-08-31):
# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 5.29% | 5.94% | 5.80% | 11.09% |
| Indicateur de performance** | 4.77% | 5.61% | 5.45% | - |
| Risque relatif (tracking error) | 1.43% | 0.90% | 1.08% | - |
| Ratio de Sharpe | -1.04 | 0.76 | 0.87 | 0.40 |
| Ratio d'information | -0.47 | 0.43 | 0.09 | - |

* Date de la 1ère Valeur Liquidative : 23/12/1993
Le fonds AXA WF Global Emerging Markets Bonds F USD bénéficie de l’évolution historique du fonds AXA Emergence Rendement car ils ont les mêmes objectifs de gestion, depuis sa création le 13/09/2005.
** 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