# Risk analysis
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 Y. | 3 Y. | 5 Y. | Launch |
| Annualized volatility Portfolio* | 1.39% | 1.37% | 1.69% | 2.94% |
| Performance Indicator** | 1.29% | 1.22% | 1.36% | - |
| Relative risk ('tracking error') | 0.59% | 0.66% | 0.68% | - |
| Sharpe ratio | -1.12 | 0.59 | 1.25 | 0.47 |
| Information ratio | -2.20 | -0.43 | 0.08 | - |

* 1st NAV date: 06/07/1993
Fund AXA WF Euro 3-5 benefits of the historical evolution of the performance of the French fund AXA Euro 3-5, since its creation on the 06/09/2005, 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 | 2.02% | - |  | Duration to worst | 3.44 | 3.80 |
| Number of Holdings | 85 | 1052 |  | Spread duration | 1.70 | 1.89 |
| Number of Issuers | 57 | 385 |  | Average Coupon | 1.60% | 2.05% |
| Linear Average Rating | A- | A+ |  | Yield To Worst | 0.59 | 0.39 |
| Exponential Average Rating | BBB+ | A |  |  |  |  |
| Average Life | 3.62 | 3.95 |  |  |  |  |

50.48%

## Asset class breakdown
43.73%
60%
50%
18.26%
40%
14.27%
9.69%
9.95%
2.41%
0.00%
2.02%
0.00%
30%

## Contribution to duration of sovereign debt by country
0.53
0.49
0.51
0.60
0.44
0.40
0.50
0.40
0.23
10.97%
0.30
20%
10%
Inflation
0%
0.20
0.18
0.16
0.08
0.12
0.00
0.12
0.00
0.04
0.00
0.03
0.00
0.09
0.10
Italy
France
Spain
Germany
Belgium
Netherlands
Ireland
Finland
Austria
0.00
12.93%
11.86%
13.45%
Government
Corporate
Covered
Quasi
Sovereign
Financial
Government
Cash
Portfolio	Performance Indicator*	Portfolio	Performance Indicator*

## Contribution to duration of quasi sovereign debt by sectors
0.50
0.45
0.60
0.50
0.28
0.40
0.19
0.16
0.30
0.14
0.07
0.11
0.08
0.20
0.04
0.00
0.10
Covered
Bonds
Agency
Government
Guaranteed
Supranational
Local-Authority
Other
0.00

## Contribution to duration of financial debt by sector
0.36
0.33
0.30
0.27
0.24
0.21
0.04
0.18
0.15
0.12
0.09
0.06
0.03
0.00
Portfolio	Performance Indicator*
Banking Senior	Insurance Senior	Other
Portfolio	Performance Indicator*

## Contribution to duration of corporate debt by sector
0.15
0.10
0.09
0.08
0.12
0.06
0.05
0.07
0.06
0.07
0.05
0.07
0.06
0.09
0.02
0.03
0.06
0.00
0.03
Real Estate
Telecommunications
Basic Industry
Automotive
Energy
Utility
Consumer Goods
0.00

## Contribution to duration by maturity
0.10
0.12
4.00
3.60
3.20
0.04
2.80
0.00
2.40
2.00
Other
1.60
1.20
0.80
0.40
0.00
Capital Goods
Portfolio	Performance Indicator*
0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	Performance Indicator*

Translation (ENES, 2018-08-31):
# Análisis del riesgo
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 A. | 3 A. | 5 A. | Inicio |
| Volatilidad anualizada Cartera* | 1.39% | 1.37% | 1.69% | 2.94% |
| Indicador de rentabilidad** | 1.29% | 1.22% | 1.36% | - |
| Riesgo relativo (' tracking error ') | 0.59% | 0.66% | 0.68% | - |
| Ratio de Sharpe | -1.12 | 0.59 | 1.25 | 0.47 |
| Ratio de información | -2.20 | -0.43 | 0.08 | - |

* Fecha del primer VL: 06/07/1993
El fondo AXA WF Euro 3-5 se beneficia de la evolución histórica de la rentabilidad del fondo francés AXA Euro 3-5, desde su creación en 06/09/2005, porque ambos tienen los mismos objetivos de inversión.
** 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 | 2.02% | - |  | Duration to worst | 3.44 | 3.80 |
| Número de líneas | 85 | 1052 |  | Spread duration | 1.70 | 1.89 |
| Número de emisores | 56 | 384 |  | Cupón medio | 1.60% | 2.05% |
| Calificación media lineal | A- | A+ |  | Yield to worst | 0.59 | 0.39 |
| Calificación media ponderada | BBB+ | A |  |  |  |  |
| Vencimiento medio | 3.62 | 3.95 |  |  |  |  |

50.48%

## Distribución del activo
43.73%
60%
50%
18.26%
40%
14.27%
30%
20%
10%
Gobiernos
Corporativo
0%

## Contribución a la duración de la deuda soberana por país
0.53
0.49
0.51
0.60
0.44
0.40
0.50
0.40
0.23
0.18
0.30
0.16
0.08
0.12
0.12
0.09
0.20
0.00
0.00
0.04
0.00
0.03
0.00
0.10
12.93%
11.86%
10.97%
13.45%
9.69%
9.95%
2.41%
0.00%
2.02%
0.00%
Covered
Cuasi-soberano
Finanzas
Inflación
gubernamental
Liquidez
Italia
Francia
España
Alemania
Bélgica
Países
Bajos
Irlanda
Finlandia
Austria
0.00
Cartera	Indicador de rentabilidad*	Cartera	Indicador de rentabilidad*

## Contribución a la duración de la deuda cuasi soberana por sector
0.50
0.45
0.60
0.50
0.28
0.40
0.14
0.19
0.16
0.30
0.07
0.11
0.04
0.08
0.04
0.20
0.00
0.10
Bonos Cubiertos
Agencias
Bonos con garantía
de gobiernos
Supranacionales
Gobiernos locales
Otros
0.00

## Contribución a la duración de la deuda financiera por sector
0.36
0.33
0.30
0.27
0.24
0.21
0.18
0.15
0.12
0.09
0.06
0.03
0.00
Cartera	Indicador de rentabilidad*
Finanzas Senior	Seguros Senior	Otros
Cartera	Indicador de rentabilidad*

## Contribución a la duración de la deuda corporativa
0.14
0.10
0.09
0.12
0.08
0.07
0.07
0.07
0.10
0.06
0.05
0.06
0.05
0.06
0.08
0.03
0.06
0.02
0.04
0.00
0.02
Bienes
inmuebles
Telecom.
Ind. básica
Automoción
Energía
Deuda
pública
Consumo
0.00

## Contribución a la duración por vencimiento
0.12
4.00
0.10
3.60
3.20
2.80
0.04
2.40
2.00
1.60
1.20
0.80
0.40
0.00
0.00
B. Equip
Cartera	Indicador de rentabilidad*
0-1 año	1-3 años	3-5 años	5-7 años	7-10 años
Otros
Cartera	Indicador de rentabilidad*