# Performance & Risk
## Performance Evolution (USD)
ESG Relative Rating
% of AUM covered by ESG absolute rating: Portfolio = 91.6% Benchmark = 84.9% (not meaningful for coverage below 50%)
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120
116
112
108
104
100
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (15.53%)	Benchmark (14.53%)
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* (%) | 2.11 | 3.34 | 2.87 | 4.56 |
| Benchmark Volatility (%) | 2.39 | 3.27 | 2.91 | 4.57 |
| Relative Risk/Tracking Error  (%) | 0.54 | 0.61 | 0.62 | 0.84 |
| Sharpe Ratio | -0.03 | 1.31 | 0.85 | 0.68 |
| Information Ratio | 1.48 | 1.50 | 1.23 | 0.29 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | -0.81 | -0.10 | 0.77 | -1.63 | 15.53 | 16.19 | -0.57 | 5.43 | 10.20 | 0.19 | 0.38 | 86.06 |
| Benchmark | -0.99 | 0.01 | 1.00 | -1.64 | 14.53 | 15.28 | -0.79 | 4.31 | 10.68 | 0.84 | -0.19 | 95.24 |
| Excess Return | 0.18 | -0.10 | -0.23 | 0.01 | 1.00 | 0.91 | 0.23 | 1.13 | -0.48 | -0.66 | 0.57 | -9.18 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.77 | 8.12 | 1.19 | 2.94 | 4.45 | 0.84 | 6.09 | -2.23 | 4.55 | 6.18 |
| Benchmark | 5.80 | 8.17 | 1.77 | 3.02 | 3.96 | 1.04 | 7.64 | -3.01 | 4.27 | 5.73 |
| Excess Return | 0.97 | -0.06 | -0.58 | -0.08 | 0.49 | -0.20 | -1.55 | 0.79 | 0.28 | 0.45 |

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 | 4.77 | France | 2.9 | 0.14 |
| US Treasury Note 4.5% 02/15/2036 | 4.12 | United States | 11.2 | 0.46 |
| US Treasury Note 0.125% 08/31/2023 | 3.68 | United States | 1.9 | 0.07 |
| US Treasury Note 1.25% 03/31/2028 | 2.82 | United States | 6.2 | 0.18 |
| US Treasury Note 0.75% 04/30/2026 | 2.57 | United States | 4.5 | 0.12 |
| Japan Government Two Year Bond 0.005% 04/01/2023 | 2.52 | Japan | 1.5 | 0.04 |
| US Treasury Note 3.375% 11/15/2048 | 2.44 | United States | 18.7 | 0.46 |
| Japan (Government of) 2.3% 12/20/2035 | 2.27 | Japan | 12.4 | 0.28 |
| US Treasury Note 0.75% 05/31/2026 | 2.11 | United States | 4.6 | 0.10 |
| Japan Government Five Year Bond 0.1% 06/20/2024 | 1.88 | Japan | 2.7 | 0.05 |
| Total (%) | 29.17 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	53.39	52.47
Financial Institutions	12.73	7.67
Industrial	11.79	11.07
Agencies	6.50	9.28
Supranational	3.44	2.47
MBS Pass-Through	3.23	4.74
Covered	2.29	2.15
Utility	1.59	1.71
Sovereign	1.24	1.41
Local Authorities	1.20	3.44
Other	0.11	1.07
Cash	2.50	0.00
5
4
3
2
1
Treasury
Industrial
Financial
Institutions
Agencies
Supranational
Local
Authorities
MBS
Pass-Through
Utility
Covered
Other
0
Port.	3.9	1.1	0.7	0.3	0.1	0.1	0.1	0.1	0.1	0.1
Bench. 4.5	0.9	0.4	0.5	0.2	0.3	0.2	0.2	0.1	0.3

## Geographical Breakdown (%)	Contribution to Duration by Geography
|  | Portfolio | Benchmark |
| --- | --- | --- |
| United States | 35.61 | 40.88 |
| Japan | 15.57 | 14.94 |

France	12.89	6.05
United Kingdom	5.16	5.62
Italy	5.14	3.76
Spain	4.80	2.74
Supra National	3.44	2.47
Canada	2.70	3.79
China	2.46	0.81
Germany	2.33	5.35
Other	7.39	9.61
Cash	2.50	0.00
3
2
1
United States Japan
France
United Kingdom
Spain
Italy
Canada
Supra National Australia
Other
0
Port.	2.4	1.3	0.7	0.5	0.3	0.3	0.2	0.1	0.1	0.5
Bench. 2.7	1.4	0.5	0.6	0.2	0.3	0.3	0.2	0.1	1.3

## Maturity Breakdown (%)
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 | 2.50 | 3.82 | 21.01 | 19.09 | 13.00 | 14.30 | 12.82 | 13.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.22 | 20.50 | 20.22 | 16.95 | 16.46 | 12.51 | 13.14 |


## Rating Breakdown (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Cash
| Portfolio | 26.03 | 16.20 | 28.95 | 22.51 | 1.14 | 0.02 | 2.65 | 2.50 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 29.94 | 16.36 | 25.09 | 17.12 | 0.05 | - | 11.44 | - |


## Currency Breakdown (%)
50
40
30
20
10
0	USD	EUR	JPY	GBP	CAD	SEK	AUD	MXN	PLN	NZD	NOK	KRW	HUF	DKK	CZK	CHF
Portfolio	43.48	32.05	15.18	5.12	2.64	0.79	0.37	0.36	-	-	-	-	-	-	-	-
Benchmark 47.04	25.42	14.31	5.23	3.07	0.44	1.55	0.25	0.20	0.19	0.11	1.19	0.09	0.25	0.13	0.53

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Relatives ESG Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 91.6% Benchmark = 84.9% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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120
116
112
108
104
100
96
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (15.53%)	Benchmark (14.53%)
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* (%) | 2.11 | 3.34 | 2.87 | 4.56 |
| Benchmark Volatilität (%) | 2.39 | 3.27 | 2.91 | 4.57 |
| Relatives Risiko/Tracking Error  (%) | 0.54 | 0.61 | 0.62 | 0.84 |
| Sharpe Ratio | -0.03 | 1.31 | 0.85 | 0.68 |
| Information Ratio | 1.48 | 1.50 | 1.23 | 0.29 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

12
|  |  |  |  |
| --- | --- | --- | --- |
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|  |  |  |

9
6
3
0
|  | 30/09/2016 - | 30/09/2017 - | 30/09/2018 - | 30/09/2019 - | 30/09/2020 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 30/09/2017 | 30/09/2018 | 30/09/2019 | 30/09/2020 | 30/09/2021 |  |
|  | Brutto-Wertentwicklung | 0.38 | 0.19 | 10.20 | 5.43 | -0.57 |  |
|  | Netto-Wertentwicklung | 0.38 | 0.19 | 10.20 | 5.43 | -0.57 |  |

-3
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* | -0.81 | -0.10 | 0.77 | -1.63 | 15.53 | 16.19 | -0.57 | 5.43 | 10.20 | 0.19 | 0.38 | 86.06 |
| Benchmark | -0.99 | 0.01 | 1.00 | -1.64 | 14.53 | 15.28 | -0.79 | 4.31 | 10.68 | 0.84 | -0.19 | 95.24 |
| Abstände | 0.18 | -0.10 | -0.23 | 0.01 | 1.00 | 0.91 | 0.23 | 1.13 | -0.48 | -0.66 | 0.57 | -9.18 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.77 | 8.12 | 1.19 | 2.94 | 4.45 | 0.84 | 6.09 | -2.23 | 4.55 | 6.18 |
| Benchmark | 5.80 | 8.17 | 1.77 | 3.02 | 3.96 | 1.04 | 7.64 | -3.01 | 4.27 | 5.73 |
| Abstände | 0.97 | -0.06 | -0.58 | -0.08 | 0.49 | -0.20 | -1.55 | 0.79 | 0.28 | 0.45 |

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 | Beitr |
| France Government Bond OAT 0.25% 07/25/2024 | 4.77 | Frankreich | 2.9 | 0. |
| US Treasury Note 4.5% 02/15/2036 | 4.12 | Vereinigte Staaten Von Amerika | 11.2 | 0. |
| US Treasury Note 0.125% 08/31/2023 | 3.68 | Vereinigte Staaten Von Amerika | 1.9 | 0. |
| US Treasury Note 1.25% 03/31/2028 | 2.82 | Vereinigte Staaten Von Amerika | 6.2 | 0. |
| US Treasury Note 0.75% 04/30/2026 | 2.57 | Vereinigte Staaten Von Amerika | 4.5 | 0. |
| Japan Government Two Year Bond 0.005% 04/01/2023 | 2.52 | Japan | 1.5 | 0. |
| US Treasury Note 3.375% 11/15/2048 | 2.44 | Vereinigte Staaten Von Amerika | 18.7 | 0. |
| Japan (Government of) 2.3% 12/20/2035 | 2.27 | Japan | 12.4 | 0. |
| US Treasury Note 0.75% 05/31/2026 | 2.11 | Vereinigte Staaten Von Amerika | 4.6 | 0. |
| Japan Government Five Year Bond 0.1% 06/20/2024 | 1.88 | Japan | 2.7 | 0. |
| Summe (%) | 29.17 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
| Treasury | 53.39 | 52.47 |
| --- | --- | --- |
| Financial Institutions | 12.73 | 7.67 |
| Industriell | 11.79 | 11.07 |

6
4
2
Treasury
Industriell
Financial Institutions
Agenturen
Grenzüberschreitend
Lokale Behörden
MBS-Pass-Through
Versorgungsbetr.
Covered
Sonstige
| Agenturen | 6.50 | 9.28 |  |
| --- | --- | --- | --- |
| Grenzüberschreitend | 3.44 | 2.47 |
| MBS-Pass-Through | 3.23 | 4.74 |
| Covered | 2.29 | 2.15 |
| Versorgungsbetr. | 1.59 | 1.71 |  | Port.	3.9	1.1	0.7	0.3	0.1	0.1 | 0.1	0.1	0.1	0.1 |
| Staatgarantie | 1.24 | 1.41 |  | Bench. 4.5	0.9	0.4	0.5	0.2	0.3 | 0.2	0.2	0.1	0.3 |
| Lokale Behörden | 1.20 | 3.44 |  |  |  |
| Sonstige | 0.11 | 1.07 |  |  |  |
| Liquide Mittel | 2.50 | 0.00 |  |  |  |

0

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio	Benchmark
Vereinigte Staaten Von Amerika	35.61	40.88
Japan	15.57	14.94
Frankreich	12.89	6.05
Großbritannien	5.16	5.62
Italien	5.14	3.76
Spanien	4.80	2.74
Supranational	3.44	2.47
Kanada	2.70	3.79
China	2.46	0.81
Deutschland	2.33	5.35
Sonstige	7.39	9.61
Liquide Mittel	2.50	0.00
3
2
1
Vereinigte Staaten
Von Amerika
Japan
Frankreich
Großbritannien
Spanien
Italien
Kanada
Supranational
Australien
Sonstige
0
Port.	2.4	1.3	0.7	0.5	0.3	0.3	0.2	0.1	0.1	0.5
Bench. 2.7	1.4	0.5	0.6	0.2	0.3	0.3	0.2	0.1	1.3

## Engagement nach Laufzeit (%)
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 | 2.50 | 3.82 | 21.01 | 19.09 | 13.00 | 14.30 | 12.82 | 13.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.22 | 20.50 | 20.22 | 16.95 | 16.46 | 12.51 | 13.14 |


## Engagement nach Rating (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Liquide Mittel
| Portfolio | 26.03 | 16.20 | 28.95 | 22.51 | 1.14 | 0.02 | 2.65 | 2.50 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 29.94 | 16.36 | 25.09 | 17.12 | 0.05 | - | 11.44 | - |


## Engagement nach Währung (%)
50
40
30
20
10
0	USD	EUR	JPY	GBP	CAD	SEK	AUD	MXN	PLN	NZD	NOK	KRW	HUF	DKK	CZK	CHF
Portfolio	43.48	32.05	15.18	5.12	2.64	0.79	0.37	0.36	-	-	-	-	-	-	-	-
Benchmark 47.04	25.42	14.31	5.23	3.07	0.44	1.55	0.25	0.20	0.19	0.11	1.19	0.09	0.25	0.13	0.53