# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
EUR
2 456.51
Port.
Linear Average Rating	AA
| Mod. Duration | 2.60 |
| --- | --- |
| Mod. Duration To Worst | 2.60 |
| Yield To Worst (%) | -3.29 |
| Number of Holdings | 117 |
| Number of Issuers | 13 |


## Fund Profile
ESG Rating
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
% of AUM covered by ESG absolute rating: Portfolio = 97.0% (not meaningful for coverage below 50%)
Portfolio* (16.18%)	Benchmark (22.37%)
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* (%) | 3.96 | 3.94 | 3.68 | 4.07 |
| Benchmark Volatility (%) | 6.28 | 6.01 | 5.15 | 5.04 |
| Relative Risk/Tracking Error  (%) | 6.00 | 6.14 | 5.67 | 6.49 |
| Sharpe Ratio | 3.13 | 1.32 | 0.75 | 0.22 |
| Information Ratio | 0.90 | -0.14 | -0.15 | -0.52 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 28/02/21 28/02/22 | 28/02/20 28/02/21 | 28/02/19 29/02/20 | 28/02/18 28/02/19 | 28/02/17 28/02/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.39 | 1.99 | 6.28 | 2.30 | 16.18 | 15.88 | 11.68 | 4.34 | -0.30 | -3.18 | 3.01 | 7.34 |
| Benchmark | 0.29 | -3.13 | -0.29 | -1.73 | 22.37 | 26.58 | 7.31 | 1.99 | 11.81 | 2.47 | 0.94 | 73.53 |
| Excess Return | 1.10 | 5.11 | 6.57 | 4.03 | -6.19 | -10.69 | 4.37 | 2.35 | -12.12 | -5.65 | 2.08 | -66.19 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.01 | 1.10 | 1.86 | -2.05 | 0.00 | 2.35 | -1.56 | -5.18 | 0.59 | -0.23 |
| Benchmark | 5.83 | 9.56 | 7.97 | 0.36 | 3.32 | 10.61 | -1.21 | 8.70 | -5.47 | 5.60 |
| Excess Return | 5.18 | -8.46 | -6.10 | -2.41 | -3.32 | -8.26 | -0.35 | -13.88 | 6.06 | -5.82 |

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 | 3.90 | France | 2.5 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 3.28 | Germany | 1.2 | 0.04 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.15 | United States | 1.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.07 | United States | 9.4 | 0.29 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.41 | United States | 5.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.15 | United States | 2.1 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 2.00 | United States | 6.7 | 0.13 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.93 | United States | 8.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.91 | United States | 1.4 | 0.03 |
| US Treasury Inflation Idx Bonds 0.75% 07/15/2028 | 1.84 | United States | 6.3 | 0.12 |
| Total (%) | 25.64 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| Treasury | 97.52 |
| Other | 0.58 |
| Cash | 1.90 |


## Contribution to duration by sector
14
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |

12
10
8
6
4
2
0	Treasury	Agencies
Port.	11.6	0.1
| Securities Exposure by geographical area (%) |  |
| --- | --- |
|  | Portfolio |
| United States | 39.59 |
| United Kingdom | 28.54 |
| France | 10.51 |
| Italy | 5.89 |
| Germany | 5.74 |
| Japan | 2.47 |
| Spain | 2.17 |
| Canada | 1.73 |
| Other | 1.45 |
| Cash | 1.90 |
| Maturity Breakdown (%) |  |


## Contribution to Duration by Geography
7
6
5
4
3
2
1
United Kingdom United States France
Italy
Canada
Spain
Germany
Japan
Australia
Other
0
Port. 6.1	3.7	0.8	0.4	0.3	0.1	0.1	0.1	0.1	0.1
28
24
20
16
12
8
4
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	1.90	0.05	23.65	7.11	11.98	13.46	16.57	25.28

## Rating Breakdown (%)
60
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |

50
40
30
20
10
| 0 | AAA | AA | A | BBB | Cash |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 48.51 | 39.05 | 3.53 | 7.01 | 1.90 |


## Currency Breakdown (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD
Portfolio	40.36	29.09	24.79	2.51	1.76	0.83	0.36	0.29

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Mod. Duration	2.60
Mod. Duration To Worst	2.60
Yield-to-Worst (%)	-3.29
Anzahl Positionen	117
Anzahl Emittenten	13

## Fonds-Profile
ESG-Rating
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21 28/02/22
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 97.0% (nicht bedeutend bei einer Abdeckung von weniger als 50
Portfolio* (16.18%)	Benchmark (22.37%)	
%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für zukünftige Ergebnisse. Performanceberechnungen verstehen sich nach Abzug von Gebühren, bei Wiederanlage von Dividenden. Sofern eine Benchmark angegeben ist, könnte sie auf der Basis von Netto- oder Bruttodividenden berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 3.96 | 3.94 | 3.68 | 4.07 |
| Benchmark Volatilität (%) | 6.28 | 6.01 | 5.15 | 5.04 |
| Relatives Risiko/Tracking Error  (%) | 6.00 | 6.14 | 5.67 | 6.49 |
| Sharpe Ratio | 3.13 | 1.32 | 0.75 | 0.22 |
| Information Ratio | 0.90 | -0.14 | -0.15 | -0.52 |


## Wertentwicklung (Brutto, Netto in %)
15
10
5
0
|  | 28/02/2017 - | 28/02/2018 - | 28/02/2019 - | 28/02/2020 - | 28/02/2021 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 28/02/2018 | 28/02/2019 | 28/02/2020 | 28/02/2021 | 28/02/2022 |  |
|  | Brutto-Wertentwicklung | 3.01 | -3.18 | -0.30 | 4.34 | 11.68 |  |
|  | Netto-Wertentwicklung | 0.01 | -3.18 | -0.30 | 4.34 | 11.68 |  |

-5
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
| 1M	3M	6M	YTD	3J	5J	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Auflage |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | 1.39 | 1.99 | 6.28 | 2.30 | 16.18 | 15.88 | 11.68 | 4.34 | -0.30 | -3.18 | 3.01 | 7.34 |
| Benchmark | 0.29 | -3.13 | -0.29 | -1.73 | 22.37 | 26.58 | 7.31 | 1.99 | 11.81 | 2.47 | 0.94 | 73.53 |
| Abstände | 1.10 | 5.11 | 6.57 | 4.03 | -6.19 | -10.69 | 4.37 | 2.35 | -12.12 | -5.65 | 2.08 | -66.19 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.01 | 1.10 | 1.86 | -2.05 | 0.00 | 2.35 | -1.56 | -5.18 | 0.59 | -0.23 |
| Benchmark | 5.83 | 9.56 | 7.97 | 0.36 | 3.32 | 10.61 | -1.21 | 8.70 | -5.47 | 5.60 |
| Abstände | 5.18 | -8.46 | -6.10 | -2.41 | -3.32 | -8.26 | -0.35 | -13.88 | 6.06 | -5.82 |

Die Wertentwicklung in der Vergangenheit ist kein zuverlässiger Indikator für zukünftige Ergebnisse. Performanceberechnungen verstehen sich nach Abzug von Gebühren, bei Wiederanlage von Dividenden. Sofern eine Benchmark angegeben ist, könnte sie auf der Basis von Netto- oder Bruttodividenden berechnet sein. Weitere Informationen entnehmen Sie bitte dem Fondsprospekt.
| Portfolioanalyse |  |
| --- | --- |
| Top 10 Positionen |
| Name | Gewichtung (%) | Investiert in | Mod. Duration | Beitrag |
| France Government Bond OAT 0.25% 07/25/2024 | 3.90 | Frankreich | 2.5 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 3.28 | Deutschland | 1.2 | 0.04 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.15 | Vereinigte Staaten Von Amerika | 1.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.07 | Vereinigte Staaten Von Amerika | 9.4 | 0.29 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.41 | Vereinigte Staaten Von Amerika | 5.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.15 | Vereinigte Staaten Von Amerika | 2.1 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 2.00 | Vereinigte Staaten Von Amerika | 6.7 | 0.13 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.93 | Vereinigte Staaten Von Amerika | 8.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.91 | Vereinigte Staaten Von Amerika | 1.4 | 0.03 |
| US Treasury Inflation Idx Bonds 0.75% 07/15/2028 | 1.84 | Vereinigte Staaten Von Amerika | 6.3 | 0.12 |
| Summe (%) | 25.64 |  |  |  |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio |
| Treasury | 97.52 |
| Sonstige | 0.58 |
| Liquide Mittel | 1.90 |


## Beitrag zur Duration nach Sektor
14
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |

12
10
8
6
4
2
0	Treasury	Agenturen
Port.	11.6	0.1

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio
Vereinigte Staaten Von Amerika	39.59
Großbritannien	28.54
Frankreich	10.51
Italien	5.89
Deutschland	5.74
Japan	2.47
Spanien	2.17
Kanada	1.73
Sonstige	1.45
Liquide Mittel	1.90
8
6
4
2
Großbritannien
Vereinigte Staaten
Von Amerika
Frankreich
Italien
Kanada
Spanien
Deutschland
Japan
Australien
Sonstige
0
Port. 6.1	3.7	0.8	0.4	0.3	0.1	0.1	0.1	0.1	0.1

## Engagement nach Laufzeit (%)
28
24
20
16
12
8
4
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	1.90	0.05	23.65	7.11	11.98	13.46	16.57	25.28

## Engagement nach Rating (%)
60
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |

50
40
30
20
10
0	AAA	AA	A	BBB	Liquide Mittel
Portfolio	48.51	39.05	3.53	7.01	1.90

## Engagement nach Währung (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD
Portfolio	40.36	29.09	24.79	2.51	1.76	0.83	0.36	0.29