# Performance & Risk
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## Performance Evolution (EUR)
105
100
95
90
85
80
66.91
Linear Average Rating	BB+	BBB
Mod. Duration	5.24	5.94
Mod. Duration To Worst	5.51	5.96
Yield To Worst (%)	3.20	1.45
Number of Holdings	90	379
Number of Issuers	62	80

## Fund Profile
ESG Rating
ESG Relative Rating
03/03/20
30/06/20
30/09/20
30/12/20
30/03/21
30/06/21 30/09/21
Portfolio* (1.43%)	Benchmark (1.43%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 82.6% Benchmark = 90.5% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 2.82 | - | - | 8.68 |
| Benchmark Volatility (%) | 1.78 | - | - | 5.43 |
| Relative Risk/Tracking Error  (%) | 1.42 | - | - | 3.71 |
| Sharpe Ratio | 2.59 | - | - | 0.23 |
| Information Ratio | 2.31 | - | - | 0.18 |


## 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* | -1.48 | -0.60 | 1.21 | -0.22 | -	- | 6.19 | - | - | - | - | 1.43 |
| Benchmark | -0.87 | 0.11 | 0.78 | 0.01 | -	- | 3.66 | - | - | - | - | 1.43 |
| Excess Return | -0.61 | -0.71 | 0.43 | -0.23 | -	- | 2.53 | - | - | - | - | 0.00 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | - | - | - | - | - | - | - | - | - | - |
| Benchmark | - | - | - | - | - | - | - | - | - | - |
| Excess Return | - | - | - | - | - | - | - | - | - | - |

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 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.39 | Benin | 7.7 | 0.18 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.25 | Colombia | 3.9 | 0.09 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.20 | Mexico | 7.5 | 0.17 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 2.09 | Ukraine | 6.5 | 0.14 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.05 | Philippines | 7.1 | 0.15 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.02 | Chile | 9.1 | 0.18 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 1.98 | Ivory Coast | 6.6 | 0.13 |
| Senegal (Republic of) 4.75% 03/13/2028 | 1.97 | Senegal | 5.4 | 0.11 |
| Morocco (Kingdom of) 2% 09/30/2030 | 1.97 | Morocco | 8.0 | 0.16 |
| CPI Property Group SA 1.5% 01/27/2031 | 1.95 | Czech Republic | 8.3 | 0.16 |
| Total (%) | 20.87 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 40.64 | 50.00 |
| --- | --- | --- |
| Real Estate | 15.38 | 4.79 |
| Energy | 10.81 | 9.55 |

6
4
2
External sovereign
credit
Real Estate
Energy
Consumer Goods
Media
Banking
Retail
Basic Industry
Telecommunications
Other
| Banking | 5.25 | 3.21 |  |
| --- | --- | --- | --- |
| Consumer Goods | 5.20 | 1.41 |
| Basic Industry | 4.58 | 2.19 |
| Capital Goods | 2.62 | 3.18 |
| Telecommunications | 1.93 | 5.28 |  | Port.	2.8	0.7	0.4	0.2	0.2	0.2	0.1 | 0.1 | 0.1 | 0.5 |
| Retail | 1.83 | 0.00 |  | Bench. 3.9	0.2	0.3	0.1	0.1	0.1	- | 0.1 | 0.2 | 0.9 |
| Transportation | 1.80 | 1.45 |  |  |  |  |  |
| Other | 9.35 | 13.99 |  |  |  |  |  |
| Cash | 0.61 | 0.00 |  |  |  |  |  |

0

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| Turkey | 5.66 | 1.61 |
| --- | --- | --- |
| China | 5.48 | 8.99 |
| Romania | 5.43 | 9.71 |
| South Africa | 5.34 | 1.84 |

Arab Emirates	6.20	2.37	4
3
2
1
Indonesia
Romania
South
Africa
Mexico
Arab
Emirates
Ivory
Coast
Czech
Republic
Turkey
Russia
Other
| Mexico | 4.79 | 10.78 |  |
| --- | --- | --- | --- |
| Indonesia | 4.55 | 3.06 |
| Russia | 4.36 | 4.87 |  | Port.	0.4	0.3	0.3	0.3	0.3	0.3	0.2 | 0.2 | 0.2 | 2.6 |
| Brazil | 3.97 | 0.21 |  | Bench. 0.2	0.8	0.1	0.7	0.1	0.1	0.2 | 0.1 | 0.2 | 3.5 |
| Ukraine | 3.79 | 1.03 |  |
| Other | 49.82 | 31.71 |
| Cash | 0.61 | 0.00 |

0

## Maturity Breakdown (%)
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 0.61 | 3.60 | 6.30 | 29.31 | 22.48 | 28.36 | 9.35 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.51 | 21.57 | 27.07 | 18.79 | 14.53 | 12.76 | 4.77 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
| Portfolio | - | 3.71 | 3.95 | 36.09 | 32.90 | 22.74 | - | - | 0.61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.64 | 4.13 | 26.26 | 45.76 | 16.35 | 5.87 | 0.76 | 0.24 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
EUR	USD
| Portfolio | 100.30 | -0.30 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
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Wertentwicklung (EUR)
105
100
95
90
85
80
Mod. Duration	5.24	5.94
Mod. Duration To Worst	5.51	5.96
Yield-to-Worst (%)	3.20	1.45
Anzahl Positionen	90	379
Anzahl Emittenten	62	80

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
03/03/20
30/06/20
30/09/20
30/12/20
30/03/21
30/06/21 30/09/21
Portfolio* (1.43%)	Benchmark (1.43%)
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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 82.6% Benchmark = 90.5% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 2.82 | - | - | 8.68 |
| Benchmark Volatilität (%) | 1.78 | - | - | 5.43 |
| Relatives Risiko/Tracking Error  (%) | 1.42 | - | - | 3.71 |
| Sharpe Ratio | 2.59 | - | - | 0.23 |
| Information Ratio | 2.31 | - | - | 0.18 |


## Wertentwicklung (Brutto, Netto in %)
8
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
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6
4
2
0	30/09/2020 - 30/09/2021
Brutto-Wertentwicklung	6.19
Netto-Wertentwicklung	6.19
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* | -1.48 | -0.60 | 1.21 | -0.22 | -	- | 6.19 | - | - | - | - | 1.43 |
| Benchmark | -0.87 | 0.11 | 0.78 | 0.01 | -	- | 3.66 | - | - | - | - | 1.43 |
| Abstände | -0.61 | -0.71 | 0.43 | -0.23 | -	- | 2.53 | - | - | - | - | 0.00 |

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

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 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.39 | Benin | 7.7 | 0.18 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.25 | Kolumbien | 3.9 | 0.09 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.20 | Mexiko | 7.5 | 0.17 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 2.09 | Ukraine | 6.5 | 0.14 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.05 | Philippinen | 7.1 | 0.15 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.02 | Chile | 9.1 | 0.18 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 1.98 | Elfenbeinküste | 6.6 | 0.13 |
| Senegal (Republic of) 4.75% 03/13/2028 | 1.97 | Senegal | 5.4 | 0.11 |
| Morocco (Kingdom of) 2% 09/30/2030 | 1.97 | Marokko | 8.0 | 0.16 |
| CPI Property Group SA 1.5% 01/27/2031 | 1.95 | Tschechische Republik | 8.3 | 0.16 |
| Summe (%) | 20.87 |  |  |  |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Industrie | 48.03 | 32.83 |
| Quasi & Foreign Gvt | 42.63 | 56.97 |
| Finanzen | 7.01 | 4.26 |
| Versorgungsbetr. | 1.73 | 5.93 |
| Liquide Mittel | 0.61 | 0.00 |


## Beitrag zur Duration nach Sektor
5
4
3
2
1
Quasi & Foreign
Gvt
Industrie
Finanzen
Versorgungsbetr.
0
Port.	2.9	2.1	0.2	0.1
Bench.	4.2	1.3	0.1	0.3

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Arabische Emirate | 6.20 | 2.37 |
| Türkei | 5.66 | 1.61 |
| China | 5.48 | 8.99 |
| Rumänien | 5.43 | 9.71 |

Südafrika	5.34	1.84
Mexiko	4.79	10.78
Indonesien	4.55	3.06
Russland	4.36	4.87
Brasilien	3.97	0.21
Ukraine	3.79	1.03
Sonstige	49.82	31.71
Liquide Mittel	0.61	0.00
4
3
2
1
Indonesien
Rumänien
Südafrika
Mexiko
Arabische
Emirate
Elfenbeinküste
Tschechische
Republik
Türkei
Russland
Sonstige
0
Port.	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	2.6
Bench. 0.2	0.8	0.1	0.7	0.1	0.1	0.2	0.1	0.2	3.5

## Engagement nach Laufzeit (%)
40
30
20
10
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	0.61	3.60	6.30	29.31	22.48	28.36	9.35	-
Benchmark	-	0.51	21.57	27.07	18.79	14.53	12.76	4.77

## Engagement nach Rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	Liquide
Mittel
Portfolio	-	3.71	3.95	36.09	32.90	22.74	-	-	0.61
Benchmark	0.64	4.13	26.26	45.76	16.35	5.87	0.76	0.24	-

## Engagement nach Währung (%)
120
100
80
60
40
20
0
EUR	USD
| Portfolio | 81.81 | 18.19 |
| --- | --- | --- |
| Benchmark | 100.00 | - |