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

### 100.86
ESG Rating
ESG Relative Rating
CO2 Relative rating
120
110
100
90
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 = 75.4% Benchmark = 80.5% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 81.0% Benchmark = 87.6% (not meaningful for coverage below 50%)
Portfolio* (-7.21%)	Benchmark (-7.45%)
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* (%) | 11.33 | 10.55 | 8.57 | 8.41 |
| Benchmark Volatility (%) | 11.82 | 10.79 | 8.74 | 8.58 |
| Relative Risk/Tracking Error  (%) | 2.55 | 1.54 | 1.31 | 1.28 |
| Sharpe Ratio | -1.50 | -0.24 | -0.05 | 0.03 |
| Information Ratio | 0.48 | 0.51 | 0.93 | 0.90 |


## Rolling Performance (%)
| 1M	3M	6M	YTD	3Y	5Y	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Launch |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -4.14 | -7.15 | -17.24 | -7.07 | -7.21 | -0.30 | -17.80 | 3.78 | 8.77 | 2.57 | 4.76 | 2.92 |
| Benchmark | -4.41 | -8.61 | -17.62 | -7.75 | -7.45 | -2.51 | -18.43 | 4.82 | 8.25 | 1.95 | 3.32 | 0.96 |
| Excess Return | 0.27 | 1.47 | 0.38 | 0.68 | 0.23 | 2.21 | 0.63 | -1.04 | 0.52 | 0.63 | 1.44 | 1.96 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -11.92 | 5.57 | 13.39 | -3.21 | 8.24 | - | - | - | - | - |
| Benchmark | -11.05 | 4.94 | 12.76 | -3.20 | 6.92 | - | - | - | - | - |
| Excess Return | -0.88 | 0.62 | 0.64 | -0.01 | 1.32 | - | - | - | - | - |

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 |  |
| --- | --- |
| Fund Key Metrics |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Cash (%) | 9.76 | - |  | Option Adjusted Spread | 483 | 565 |
| Number of Holdings | 143 | 475 |  | Average Coupon (%) | 5.27 | 5.74 |
| Number of Issuers | 77 | 181 |  | Current yield (%) | 4.90 | 6.13 |
| Years to Maturity | 2.51 | 3.12 |  | Yield To Worst (%) | 6.14 | 8.13 |
| Modified duration to worst | 2.24 | 2.82 |  | Yield to maturity (%) | 6.30 | 8.31 |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Real Estate | 22.70 | 18.05 |
| Banking | 18.97 | 12.17 |
| Utility | 8.87 | 6.58 |
| Transportation | 5.77 | 2.57 |
| Sovereign | 4.00 | 0.00 |
| Not Classified | 3.74 | 20.96 |
| Energy | 3.58 | 2.86 |
| Telecommunications | 3.42 | 1.07 |
| Leisure | 3.28 | 6.73 |
| Basic Industry | 3.14 | 7.69 |
| External sovereign credit | 3.08 | 8.79 |
| Financial Services | 2.54 | 4.81 |
| Insurance | 2.35 | 0.45 |
| Capital Goods | 2.17 | 2.08 |
| Automotive | 1.38 | 0.63 |
| Technology & Electronics | 0.91 | 1.36 |
| Consumer Goods | 0.20 | 0.85 |
| Agency | 0.14 | 0.40 |
| Retail | 0.00 | 0.98 |
| Healthcare | 0.00 | 0.10 |
| Services | 0.00 | 0.33 |
| Local-Authority | 0.00 | 0.35 |
| Government Guaranteed | 0.00 | 0.19 |
| Cash | 9.76 | 0.00 |
| Modified Duration to Worst Breakdown (%) |  |  |

44
40
36
32
28
24
20
16
12
8
4
| 0 | Cash | 0-1 | 1-3 | 3-5 | 5-7 | 7-10 | 10-20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 9.76 | 20.09 | 34.16 | 31.29 | 3.54 | 1.16 | 0.01 |
| Benchmark | - | 17.57 | 39.41 | 32.56 | 8.94 | 1.41 | 0.12 |


## 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 | 9.76 | 24.78 | 25.12 | 30.05 | 8.52 | 1.76 | 0.01 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 20.48 | 35.24 | 30.34 | 7.28 | 5.37 | 0.97 | 0.33 |

| Top 10 Holdings |  |
| --- | --- |
| Issuer | Coupon rate | Maturity | Sector | Modified duration to worst | Rating | Weight (%) |  |
| US TREASURY N/B | 1.750 | 30/04/22 | Sovereign | 0.17 | AA | 4.43 |  |
| CMB WING LUNG BANK LTD | 3.750 | 22/11/27 | Banking | 0.72 | BBB | 2.23 |  |
| MINOR INTERNATIONAL PCL | 3.100 | 29/06/23 | Banking | 1.30 | BBB | 2.21 |  |
| CHONG HING BANK LTD | 3.876 | 26/07/27 | Banking | 0.41 | BB | 2.21 |  |
| SINGAPORE AIRLINES LTD | 3.000 | 20/07/26 | Transportation | 4.13 | NR | 2.16 |  |
| NETWORK I2I LTD | 5.650 | 15/01/25 | Telecommunications | 2.64 | BB | 2.15 |  |
| NANYANG COMMERCIAL BANK | 5.000 | 02/06/22 | Banking | 0.26 | BB | 2.13 |  |
| SAKA ENERGI INDONESIA PT | 4.450 | 05/05/24 | Energy | 2.07 | B | 1.79 |  |
| TMBTHANACHART BANK PCL | 4.900 | 31/12/99 | Banking | 2.58 | BB | 1.74 |  |
| GREENKO SOLAR MAURITIUS | 5.950 | 29/07/26 | Utility | 3.94 | BB | 1.72 |  |
| Total (%) |  |  |  |  |  | 22.77 |  |
| Rating Breakdown (%) |  |  |  |  |  |  |  |

48
44
40
36
32
28
24
20
16
12
8
4
| 0 | AA | A | BBB | BB | B | CCC | NR | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 4.00 | 0.70 | 10.96 | 42.99 | 20.33 | 2.54 | 8.73 | 9.76 |
| Benchmark | - | 0.24 | - | 42.25 | 25.52 | 4.75 | 27.23 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
USD	Other	Cash
| Portfolio | 90.10 | 0.14 | 9.76 |
| --- | --- | --- | --- |
| Benchmark | 100.00 | - | - |
| Securities Exposure by geographical area (%) |  |  |
|  | Portfolio | Benchmark |
| China | 29.54 | 35.14 |
| India | 15.02 | 16.39 |
| Indonesia | 9.68 | 5.67 |
| Hong Kong | 8.96 | 14.29 |
| Thailand | 6.43 | 2.32 |
| United States | 4.19 | 0.00 |
| Singapore | 4.00 | 1.54 |
| Philippines | 3.44 | 7.40 |
| Macao | 2.60 | 4.68 |
| Mongolia | 1.79 | 1.72 |
| Sri Lanka | 1.29 | 2.75 |
| Other | 3.31 | 8.12 |
| Cash | 9.76 | 0.00 |

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Aktueller NAV
Acc

### 102.92
Nettovermögen (M)
USD

### 100.86

## Benchmark
Schon seit: 29/06/2016
100% JP Morgan Asia Credit Non Investment Grade

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
120
110
100
90
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 = 75.4% Benchmark = 80.5% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 81.0% Benchmark = 87.6% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Portfolio* (-7.21%)	Benchmark (-7.45%)
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* (%) | 11.33 | 10.55 | 8.57 | 8.41 |
| Benchmark Volatilität (%) | 11.82 | 10.79 | 8.74 | 8.58 |
| Relatives Risiko/Tracking Error  (%) | 2.55 | 1.54 | 1.31 | 1.28 |
| Sharpe Ratio | -1.50 | -0.24 | -0.05 | 0.03 |
| Information Ratio | 0.48 | 0.51 | 0.93 | 0.90 |


## Wertentwicklung (Brutto, Netto in %)
20
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  |  |
|  |  |

10
0
-10
| 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 |

-20
| Brutto-Wertentwicklung | 4.76 | 2.57 | 8.77 | 3.78 | -17.80 |
| --- | --- | --- | --- | --- | --- |
| Netto-Wertentwicklung | 4.76 | 2.57 | 8.77 | 3.78 | -17.80 |

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

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 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 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -4.14 | -7.15 | -17.24 | -7.07 | -7.21 | -0.30 | -17.80 | 3.78 | 8.77 | 2.57 | 4.76 | 2.92 |
| Benchmark | -4.41 | -8.61 | -17.62 | -7.75 | -7.45 | -2.51 | -18.43 | 4.82 | 8.25 | 1.95 | 3.32 | 0.96 |
| Abstände | 0.27 | 1.47 | 0.38 | 0.68 | 0.23 | 2.21 | 0.63 | -1.04 | 0.52 | 0.63 | 1.44 | 1.96 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -11.92 | 5.57 | 13.39 | -3.21 | 8.24 | - | - | - | - | - |
| Benchmark | -11.05 | 4.94 | 12.76 | -3.20 | 6.92 | - | - | - | - | - |
| Abstände | -0.88 | 0.62 | 0.64 | -0.01 | 1.32 | - | - | - | - | - |

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 |  |
| --- | --- |
| Fondsindikatoren |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Liquide Mittel (%) | 9.76 | - |  | Optionsbereinigter Spread | 483 | - |
| Anzahl Positionen | 143 | 475 |  | Durchschnittlicher Coupon (%) | 5.27 | 5.74 |
| Anzahl Emittenten | 77 | 181 |  | Laufende Verzinsung (%) | 4.90 | - |
| Jahre bis zur Fälligkeit | 2.51 | - |  | Yield-to-Worst (%) | 6.14 | - |
| Modified Duration to Worst | 2.24 | - |  | Rückzahlungsrendite (%) | 6.30 | - |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio |
| Regular Pfandbriefe | 22.70 |
| Bankgeschäfte | 18.97 |
| Versorgungsbetr. | 8.87 |
| Beförderung | 5.77 |
| Staatgarantie | 4.00 |
| Nicht Klassifiziert | 3.74 |
| Energie | 3.58 |
| Telekommunikation | 3.42 |
| Freizeit | 3.28 |
| Basisindustrie | 3.14 |
| External sovereign credit | 3.08 |
| Finanzdienstleistungen | 2.54 |
| Versicherung | 2.35 |
| Investitionsgüter | 2.17 |
| Automobil | 1.38 |
| Technol. und Elektr. | 0.91 |
| Verbraucher | 0.20 |
| Dienststelle | 0.14 |
| Liquide Mittel | 9.76 |
| Aufteilung nach Modified Duration to Worst (%) |  |

39
36
33
30
27
24
21
18
15
12
9
6
3
|  | Liquide Mittel | 0-1 | 1-3 | 3-5 | 5-7 | 10-20 |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 9.76 | 20.84 | 35.19 | 29.87 | 4.32 | 0.01 |

0
|  |  |  |
| --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |


## Engagement nach Laufzeit (%)
| 35 |  |
| --- | --- |
| 30 |
| 25 |
| 20 |
| 15 |
| 10 |
| 5 |
| 0 | Liquide Mittel | 0-1 Jahre | 1-3 Jahre | 3-5 Jahre | 5-7 Jahre | 7-10 Jahre | 10-20 Jahre |
| Portfolio | 9.76 | 24.78 | 25.12 | 30.05 | 8.52 | 1.76 | 0.01 |

| Top 10 Positionen |  |
| --- | --- |
| Emittent	Ausschüttung | Fälligkeit | Kategorie | Modified Duration to Worst | Rating | Ausrichtung (%) |  |
| US TREASURY N/B	1.750 | 30/04/22 | Staatgarantie | 0.17 | AA | 4.43 |  |
| CMB WING LUNG BANK LTD	3.750 | 22/11/27 | Bankgeschäfte | 0.72 | BBB | 2.23 |  |
| MINOR INTERNATIONAL PCL	3.100 | 29/06/23 | Bankgeschäfte | 1.30 | BBB | 2.21 |  |
| CHONG HING BANK LTD	3.876 | 26/07/27 | Bankgeschäfte | 0.41 | BB | 2.21 |  |
| SINGAPORE AIRLINES LTD	3.000 | 20/07/26 | Beförderung | 4.13 | NR | 2.16 |  |
| NETWORK I2I LTD	5.650 | 15/01/25 | Telekommunikation | 2.64 | BB | 2.15 |  |
| NANYANG COMMERCIAL BANK	5.000 | 02/06/22 | Bankgeschäfte | 0.26 | BB | 2.13 |  |
| SAKA ENERGI INDONESIA PT	4.450 | 05/05/24 | Energie | 2.07 | B | 1.79 |  |
| TMBTHANACHART BANK PCL	4.900 | 31/12/99 | Bankgeschäfte | 2.58 | BB | 1.74 |  |
| GREENKO SOLAR MAURITIUS	5.950 | 29/07/26 | Versorgungsbetr. | 3.94 | BB | 1.72 |  |
| Summe (%) |  |  |  |  | 22.77 |  |
| Engagement nach Rating (%) |  |  |  |  |  |  |

48
44
40
36
32
28
24
20
16
12
8
4
|  | AA | BBB | BB | B | CCC | CC | NR | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 4.00 | 11.18 | 43.17 | 20.63 | 1.25 | 1.29 | 8.73 | 9.76 |

0

## Engagement nach Währung (%)
100
80
60
40
20
0
USD	Sonstige	Liquide Mittel
Portfolio	90.10	0.14	9.76
| Geographische Ausrichtung (%) |  |
| --- | --- |
|  | Portfolio |
| China | 29.54 |
| Indien | 15.02 |
| Indonesien | 9.68 |
| Hong-Kong | 8.96 |
| Thailand | 6.43 |
| Vereinigten Staaten | 4.19 |
| Singapur | 4.00 |
| Philippinen | 3.44 |
| Macao | 2.60 |
| Mongolei | 1.79 |
| Sri Lanka | 1.29 |
| Sonstige | 3.31 |
| Liquide Mittel | 9.76 |