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

### 1 369.81
Number of Holdings	307
Number of Issuers	220

## Fund Profile
112.5
110.0
107.5
105.0
102.5
100.0
97.5
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 94.1% (not meaningful for coverage below 50%)
Portfolio* (4.52%)
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* (%) | 2.38 | 3.71 | 3.01 | 3.30 |
| Sharpe Ratio | -1.04 | 0.70 | 0.67 | 0.99 |


## 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* | -2.15 | -3.83 | -5.20 | -3.62 | 4.52 | 4.87 | -3.67 | 2.55 | 5.81 | 0.02 | 0.32 | 26.21 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.23 | 5.08 | 6.30 | -2.10 | 2.01 | 6.19 | -2.04 | 2.47 | 2.11 | - |

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 |
| US Treasury Note 0.25% 05/15/2024 | 2.48 | United States | 2.2 | 0.05 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.25 | United Kingdom | 8.5 | 0.19 |
| US Treasury Note 0.125% 02/28/2023 | 2.16 | United States | 1.0 | 0.02 |
| US Treasury Note 1.125% 02/15/2031 | 2.08 | United States | 8.5 | 0.18 |
| US Treasury Note 4.5% 02/15/2036 | 2.00 | United States | 10.9 | 0.22 |
| US Treasury Note 3% 05/15/2047 | 1.73 | United States | 18.0 | 0.31 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.57 | France | 3.1 | 0.05 |
| US Treasury Note 2% 02/15/2050 | 1.54 | United States | 21.1 | 0.32 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 1.42 | United States | 3.1 | 0.04 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 1.23 | United Kingdom | 4.1 | 0.05 |
| Total (%) | 18.45 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
Industrials	40.61
Sovereign	25.85
Financial	21.79
Utility	3.24
Quasi & Foreign Gvt	2.78
Securitized	2.52
Other	0.56
Cash	2.65
2.4
2.0
1.6
1.2
0.8
0.4
Industrials
Financial
Quasi &
Foreign Gvt
Sovereign
Utility
Securitized
0.0
Port.	2.0	1.0	0.2	0.2	0.2	0.1

## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio
United States	44.95
United Kingdom	25.83
| France | 5.53 |
| --- | --- |
| Italy | 2.08 |
| Spain | 2.00 |
| Germany | 1.79 |

Netherlands	1.14
Australia	1.10
Other	12.92
Cash	2.65
2.1
1.8
1.5
1.2
0.9
0.6
0.3
United States
United Kingdom
France
Germany
Netherlands
Italy
Belgium
Spain
Brazil
Other
0.0
Port. 1.9	0.5	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.6

## Maturity Breakdown (%)
27
24
21
18
15
12
9
6
3
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	4.15	7.81	23.63	14.11	23.40	11.78	15.12

## Rating Breakdown (%)
36
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |

32
28
24
20
16
12
8
4
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 16.38 | 10.87 | 3.79 | 32.99 | 13.39 | 12.23 | 7.40 | 0.30 | 2.65 |


## Currency Breakdown (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portfolio	54.70	29.98	15.32

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
112.5
110.0
107.5
105.0
102.5
100.0
97.5
USD

### 1 369.81
Mod. Duration	3.80
| Mod. Duration To Worst | 4.35 |
| --- | --- |
| Yield-to-Worst (%) | 3.06 |
| Anzahl Positionen | 307 |

Anzahl Emittenten	220

## Fonds-Profile
ESG-Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 94.1% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
Portfolio* (4.52%)
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* (%) | 2.38 | 3.71 | 3.01 | 3.30 |
| Sharpe Ratio | -1.04 | 0.70 | 0.67 | 0.99 |


## Wertentwicklung (Brutto, Netto in %)
9
6
3
0
-3
|  | 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 | 0.32 | 0.02 | 5.81 | 2.55 | -3.67 |  |
|  | Netto-Wertentwicklung | 0.32 | 0.02 | 5.81 | 2.55 | -3.67 |  |

-6
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* | -2.15 | -3.83 | -5.20 | -3.62 | 4.52 | 4.87 | -3.67 | 2.55 | 5.81 | 0.02 | 0.32 | 26.21 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.23 | 5.08 | 6.30 | -2.10 | 2.01 | 6.19 | -2.04 | 2.47 | 2.11 | - |

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 |
| US Treasury Note 0.25% 05/15/2024 | 2.48 | Vereinigte Staaten Von Amerika | 2.2 | 0.05 |
| United Kingdom Gilt 4.25% 06/07/2032 | 2.25 | Großbritannien | 8.5 | 0.19 |
| US Treasury Note 0.125% 02/28/2023 | 2.16 | Vereinigte Staaten Von Amerika | 1.0 | 0.02 |
| US Treasury Note 1.125% 02/15/2031 | 2.08 | Vereinigte Staaten Von Amerika | 8.5 | 0.18 |
| US Treasury Note 4.5% 02/15/2036 | 2.00 | Vereinigte Staaten Von Amerika | 10.9 | 0.22 |
| US Treasury Note 3% 05/15/2047 | 1.73 | Vereinigte Staaten Von Amerika | 18.0 | 0.31 |
| France Government Bond OAT 0.1% 03/01/2025 | 1.57 | Frankreich | 3.1 | 0.05 |
| US Treasury Note 2% 02/15/2050 | 1.54 | Vereinigte Staaten Von Amerika | 21.1 | 0.32 |
| US Treasury Inflation Idx Bonds 0.125% 04/15/2025 | 1.42 | Vereinigte Staaten Von Amerika | 3.1 | 0.04 |
| UK Gilt Inflation Linked 0.125% 03/22/2026 | 1.23 | Großbritannien | 4.1 | 0.05 |
| Summe (%) | 18.45 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio
Industrie	40.61
Sovereign	25.85
| Finanzen | 21.79 |
| --- | --- |
| Versorgungsbetr. | 3.24 |
| Quasi & Foreign Gvt | 2.78 |

Securitized	2.52
Sonstige	0.56
Liquide Mittel	2.65
2.4
2.0
1.6
1.2
0.8
0.4
Industrie
Finanzen
Quasi & Foreign
Gvt
Sovereign
Versorgungsbetr.
Securitized
0.0
Port.	2.0	1.0	0.2	0.2	0.2	0.1
|  | Portfolio |
| --- | --- |
| Vereinigte Staaten Von Amerika | 44.95 |
| Großbritannien | 25.83 |
| Frankreich | 5.53 |
| Italien | 2.08 |
| Spanien | 2.00 |


## Geographische Ausrichtung (%)

## Beitrag zur Duration nach Land
2.0
1.6
1.2
0.8
0.4
Vereinigte Staaten
Von Amerika
Großbritannien
Frankreich
Deutschland
Niederlande
Italien
Belgien
Spanien
Brasilien
Sonstige
0.0
| Deutschland | 1.79 |  |
| --- | --- | --- |
| Niederlande | 1.14 |
| Australien | 1.10 |
| Sonstige | 12.92 |  | Port. | 1.9 | 0.5	0.2 | 0.2 | 0.2	0.1 | 0.1 | 0.1 | 0.1	0.6 |
| Liquide Mittel | 2.65 |  |  |  |  |  |  |  |  |  |
| Engagement nach Laufzeit (%) |  |  |  |  |  |  |  |  |  |  |

27
24
21
18
15
12
9
6
3
0	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	4.15	7.81	23.63	14.11	23.40	11.78	15.12

## Engagement nach Rating (%)
36
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |

32
28
24
20
16
12
8
4
| 0 | AAA | AA | A | BBB | BB | B | CCC | NR | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 16.38 | 10.87 | 3.79 | 32.99 | 13.39 | 12.23 | 7.40 | 0.30 | 2.65 |


## Engagement nach Währung (%)
60
50
40
30
20
10
0	USD	GBP	EUR
Portfolio	54.70	29.98	15.32