# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
CNH

### 385.26
Number of Holdings	90
Number of Issuers	46

## Fund Profile
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 89% (not meaningful for coverage below 50%)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (20.33%)
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* (%) | 4.19 | 5.49 | - | 5.70 |
| Sharpe Ratio | 1.90 | 1.13 | - | 0.67 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.10 | -0.31 | 1.56 | 0.79 | 20.33 | - | 7.09 | 9.59 | 2.53 | -0.88 | - | 17.55 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.84 | 5.30 | -1.76 | - | - | - | - | - | - | - |
| 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 |
| China Development Bank Corp 3.07% 03/24/2024 | 8.00 | China | 2.3 | 0.19 |
| Export-Import Bank of China 2.93% 03/02/2025 | 5.28 | China | 3.2 | 0.17 |
| China Government Bond 2.36% 07/02/2023 | 5.21 | China | 1.7 | 0.09 |
| Agricultural Deve Bank of China 2.25% 04/22/2025 | 5.12 | China | 3.4 | 0.17 |
| CN Energy Cons & Env Protection 4.11% 11/29/2024 | 2.73 | China | 2.8 | 0.08 |
| Export-Import Bank of China 4.37% 06/19/2023 | 2.70 | China | 1.7 | 0.04 |
| Agricultural Deve Bank of China 3.51% 04/03/2024 | 2.68 | China | 2.4 | 0.06 |
| SHENZHEN METRO 3.5% 02/03/2024 | 2.67 | China | 2.2 | 0.06 |
| NANJING METRO 3.48% 26/04/2024 | 2.66 | China | 2.4 | 0.06 |
| State Grid Corp of China 3.32% 03/30/2023 | 2.65 | China | 1.4 | 0.04 |
| Total (%) | 39.69 |  |  |  |
| Sector Breakdown (%) |  | Contribution to | duration by sector |  |
|  | Portfolio |  |  |  |

Industrials	32.97
Quasi & Foreign Gvt	28.43
Not Classified	16.86
Financial	11.33
Sovereign	5.21
Utility	4.12
Cash	1.08
1.0
0.8
0.6
0.4
0.2
Industrials
Quasi &
Foreign Gvt
Not
Classified
Financial
Sovereign
Utility
0.0
Port.	0.8	0.7	0.4	0.4	0.1	0.1
| Geographical Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| China | 85.12 |
| Hong Kong | 3.62 |
| Portugal | 2.64 |
| South Korea | 1.79 |
| Qatar | 1.59 |
| Other | 4.16 |
| Cash | 1.08 |


## Contribution to Duration by Geography
3
2
1
0	China	Hong Kong	Qatar
Port.	2.1	0.1	0.1

## Maturity Breakdown (%)
60
50
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	1.08	5.24	55.26	35.84	2.23	0.34

## Rating Breakdown (%)
40
30
20
10
0	AA	A	BBB	BB	B	NR	Cash
Portfolio	1.12	36.14	22.02	7.88	4.71	27.04	1.08

## Currency Breakdown (%)
70
60
50
40
30
20
10
0	CNY	USD	CNH
Portfolio	58.35	36.36	5.29

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
CNH
385.26
Mod. Duration	2.39
Mod. Duration To Worst	2.56
Yield-to-Worst (%)	3.61
Anzahl Positionen	90
Anzahl Emittenten	46

## Fonds-Profile
ESG-Rating
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 89% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
Portfolio* (20.33%)
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* (%) | 4.19 | 5.49 | - | 5.70 |
| Sharpe Ratio | 1.90 | 1.13 | - | 0.67 |


## Wertentwicklung (Brutto, Netto in %)
12
9
6
3
0
-3	30/09/2017 - 30/09/2018	30/09/2018 - 30/09/2019	30/09/2019 - 30/09/2020	30/09/2020 - 30/09/2021
| Brutto-Wertentwicklung | -0.88 | 2.53 | 9.59 | 7.09 |
| --- | --- | --- | --- | --- |
| Netto-Wertentwicklung | -0.88 | 2.53 | 9.59 | 7.09 |

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

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 30/09/20 30/09/21 | 30/09/19 30/09/20 | 30/09/18 30/09/19 | 30/09/17 30/09/18 | 30/09/16 30/09/17 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.10 | -0.31 | 1.56 | 0.79 | 20.33 | - | 7.09 | 9.59 | 2.53 | -0.88 | - | 17.55 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 11.84 | 5.30 | -1.76 | - | - | - | - | - | - | - |

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 |
| China Development Bank Corp 3.07% 03/24/2024 | 8.00 | China | 2.3 | 0.19 |
| Export-Import Bank of China 2.93% 03/02/2025 | 5.28 | China | 3.2 | 0.17 |
| China Government Bond 2.36% 07/02/2023 | 5.21 | China | 1.7 | 0.09 |
| Agricultural Deve Bank of China 2.25% 04/22/2025 | 5.12 | China | 3.4 | 0.17 |
| CN Energy Cons & Env Protection 4.11% 11/29/2024 | 2.73 | China | 2.8 | 0.08 |
| Export-Import Bank of China 4.37% 06/19/2023 | 2.70 | China | 1.7 | 0.04 |
| Agricultural Deve Bank of China 3.51% 04/03/2024 | 2.68 | China | 2.4 | 0.06 |
| SHENZHEN METRO 3.5% 02/03/2024 | 2.67 | China | 2.2 | 0.06 |
| NANJING METRO 3.48% 26/04/2024 | 2.66 | China | 2.4 | 0.06 |
| State Grid Corp of China 3.32% 03/30/2023 | 2.65 | China | 1.4 | 0.04 |
| Summe (%) | 39.69 |  |  |  |


## Sektorengewichtung (%)
|  | Portfolio |
| --- | --- |
| Industrie | 32.97 |
| Quasi & Foreign Gvt | 28.43 |
| Ohne Zuordnung | 16.86 |
| Finanzen | 11.33 |
| Sovereign | 5.21 |

Versorgungsbetr.	4.12
Liquide Mittel	1.08

## Beitrag zur Duration nach Sektor
1.0
0.8
0.6
0.4
0.2
Industrie
Quasi & Foreign
Gvt
Ohne Zuordnung
Finanzen
Sovereign
Versorgungsbetr.
0.0
Port.	0.8	0.7	0.4	0.4	0.1	0.1
| Geographische Ausrichtung (%) |  |
| --- | --- |
|  | Portfolio |
| China | 85.12 |
| Hong-Kong | 3.62 |
| Portugal | 2.64 |
| Südkorea | 1.79 |
| Qatar | 1.59 |
| Sonstige | 4.16 |
| Liquide Mittel | 1.08 |


## Beitrag zur Duration nach Land
3
2
1
0	China	Hong-Kong	Qatar
Port.	2.1	0.1	0.1

## Engagement nach Laufzeit (%)
60
50
40
30
20
10
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre
Portfolio	1.08	5.24	55.26	35.84	2.23	0.34

## Engagement nach Rating (%)
40
30
20
10
0	AA	A	BBB	BB	B	NR	Liquide Mittel
Portfolio	1.12	36.14	22.02	7.88	4.71	27.04	1.08

## Engagement nach Währung (%)
70
60
50
40
30
20
10
0	CNY	USD	CNH
Portfolio	58.35	36.36	5.29