# Performance & Risk
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## Performance Evolution (EUR)
116
112
108
104
100
96
| Fund Key Metrics |  |
| --- | --- |
|  | Port. | Bench. |
| Linear Average Rating | BBB2 | A3 |
| Mod. Duration | 5.02 | 5.19 |
| Mod. Duration To Worst | 5.08 | 5.20 |
| Yield To Worst (%) | 0.88 | 0.31 |
| Number of Holdings | 371 | 3763 |
| Number of Issuers | 187 | 632 |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |
| CO2 Relative rating |  |  |

% of AUM covered by ESG absolute rating: Portfolio = 96.1% Benchmark = 96.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 88.9% Benchmark = 89.5% (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* (11.39%)	Benchmark (8.05%)
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* (%) | 1.70 | 6.12 | 4.91 | 3.86 |
| Benchmark Volatility (%) | 1.66 | 5.12 | 4.14 | 3.48 |
| Relative Risk/Tracking Error  (%) | 0.43 | 1.24 | 1.04 | 1.25 |
| Sharpe Ratio | 2.03 | 0.78 | 0.68 | 0.92 |
| Information Ratio | 3.31 | 1.46 | 1.26 | 0.79 |
| 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* | -0.55 | 0.23 | 0.60 | -0.18 | 11.39 | 11.67 | 2.27 | 1.83 | 6.96 | -0.82 | 1.08 | 156.23 |
| Benchmark | -0.66 | 0.08 | 0.36 | -0.33 | 8.05 | 8.65 | 1.59 | 0.21 | 6.13 | 0.06 | 0.50 | 146.52 |
| Excess Return | 0.11 | 0.16 | 0.25 | 0.15 | 3.34 | 3.02 | 0.68 | 1.62 | 0.83 | -0.88 | 0.59 | 9.72 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.39 | 7.62 | -2.08 | 2.77 | 4.70 | -1.35 | 7.79 | 2.62 | 15.81 | 2.62 |
| Benchmark | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 | 12.64 | 1.88 |
| Excess Return | 1.74 | 1.39 | -0.95 | 0.35 | -0.06 | -0.91 | -0.51 | 0.27 | 3.17 | 0.74 |

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 |
| AXA WF Euro Credit Total Return | 2.62 | France | -1.8 | -0.05 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.87 | Australia | 7.4 | 0.06 |
| Bundesschatzanweisungen 09/15/2023 | 0.85 | Germany | 2.0 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 0.85 | France | 2.0 | 0.02 |
| RTE Reseau de Transport d'Elec 1.125% 07/08/2040 | 0.80 | France | 16.6 | 0.13 |
| Telecom Italia SpA 2.75% 04/15/2025 | 0.79 | Italy | 3.1 | 0.02 |
| General Electric Co 0.875% 05/17/2025 | 0.78 | United States | 3.3 | 0.03 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.73 | China | 4.4 | 0.03 |
| Groupama SA VAR PERP | 0.73 | France | 2.5 | 0.02 |
| Wintershall Dea Finance BV 1.33% 09/25/2028 | 0.68 | Germany | 6.4 | 0.04 |
| Total (%) | 9.71 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Industrials | 47.67 | 55.66 |
| Financial | 40.44 | 35.26 |
| Utility | 10.83 | 8.92 |
| Other | 1.83 | 0.00 |
| Cash | -0.76 | 0.16 |


## Contribution to duration by sector
4
3
2
1
0
Industrials
Financial
Utility
Securitized
Cash
Other
-1
Port.	2.5	1.8	0.8	0.1	0.3	-0.4
Bench.	3.2	1.5	0.5	-	-	-

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 18.87 | 21.34 |
| --- | --- | --- |
| Italy | 13.77 | 5.50 |
| Spain | 12.43 | 5.38 |
| United States | 11.53 | 18.36 |
| Germany | 10.23 | 14.66 |

United Kingdom	9.21	7.93
Portugal	3.96	0.37
Ireland	3.25	0.92
Australia	2.81	1.98
Switzerland	2.65	2.83
Other	12.08	17.91
Cash	-0.76	0.16
1.5
1.2
0.9
0.6
0.3
France
Italy
United States
Spain
United Kingdom
Germany
Switzerland
Portugal
Australia
Other
0.0
Port.	1.1	0.7	0.6	0.5	0.4	0.4	0.2	0.2	0.2	0.7
Bench. 1.2	0.3	1.1	0.2	0.4	0.8	0.2	-	0.1	1.0

## 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 | -0.76 | 1.78 | 16.22 | 30.58 | 23.18 | 19.48 | 8.35 | 1.18 |
|  | Benchmark | 0.16 | 1.11 | 23.76 | 24.68 | 21.01 | 16.83 | 9.88 | 2.57 |

-10

## Rating Breakdown (%)
60
40
20
0
|  | AAA | AA | A | BBB | BB | B | N/A | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 0.93 | 1.52 | 24.14 | 56.80 | 14.57 | 2.33 | 0.47 | -0.76 |
|  | Benchmark | 0.35 | 8.83 | 38.27 | 52.37 | 0.02 | - | - | 0.16 |

-20

## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR	GBP
| Portfolio | 99.88 | 0.12 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 96.1% Benchmark = 96.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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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
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 88.9% Benchmark = 89.5% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Portfolio* (11.39%)	Benchmark (8.05%)
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* (%) | 1.70 | 6.12 | 4.91 | 3.86 |
| Benchmark Volatilität (%) | 1.66 | 5.12 | 4.14 | 3.48 |
| Relatives Risiko/Tracking Error  (%) | 0.43 | 1.24 | 1.04 | 1.25 |
| Sharpe Ratio | 2.03 | 0.78 | 0.68 | 0.92 |
| Information Ratio | 3.31 | 1.46 | 1.26 | 0.79 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

7.50
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |
|  |  |  |  |  |  |  |  |

5.00
2.50
0.00
|  | 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 | 1.08 | -0.82 | 6.96 | 1.83 | 2.27 |
| Netto-Wertentwicklung | -0.90 | -0.82 | 6.96 | 1.83 | 2.27 |

-2.50
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* | -0.55 | 0.23 | 0.60 | -0.18 | 11.39 | 11.67 | 2.27 | 1.83 | 6.96 | -0.82 | 1.08 | 156.23 |
| Benchmark | -0.66 | 0.08 | 0.36 | -0.33 | 8.05 | 8.65 | 1.59 | 0.21 | 6.13 | 0.06 | 0.50 | 146.52 |
| Abstände | 0.11 | 0.16 | 0.25 | 0.15 | 3.34 | 3.02 | 0.68 | 1.62 | 0.83 | -0.88 | 0.59 | 9.72 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.39 | 7.62 | -2.08 | 2.77 | 4.70 | -1.35 | 7.79 | 2.62 | 15.81 | 2.62 |
| Benchmark | 2.64 | 6.23 | -1.13 | 2.41 | 4.76 | -0.44 | 8.30 | 2.35 | 12.64 | 1.88 |
| Abstände | 1.74 | 1.39 | -0.95 | 0.35 | -0.06 | -0.91 | -0.51 | 0.27 | 3.17 | 0.74 |

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 |
| AXA WF Euro Credit Total Return | 2.62 | Frankreich | -1.8 | -0.05 |
| Vicinity Centres Trust 1.125% 11/07/2029 | 0.87 | Australien | 7.4 | 0.06 |
| Bundesschatzanweisungen 09/15/2023 | 0.85 | Deutschland | 2.0 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 0.85 | Frankreich | 2.0 | 0.02 |
| RTE Reseau de Transport d'Elec 1.125% 07/08/2040 | 0.80 | Frankreich | 16.6 | 0.13 |
| Telecom Italia SpA 2.75% 04/15/2025 | 0.79 | Italien | 3.1 | 0.02 |
| General Electric Co 0.875% 05/17/2025 | 0.78 | Vereinigte Staaten Von Amerika | 3.3 | 0.03 |
| Logicor Financing Sarl 1.5% 07/13/2026 | 0.73 | China | 4.4 | 0.03 |
| Groupama SA VAR PERP | 0.73 | Frankreich | 2.5 | 0.02 |
| Wintershall Dea Finance BV 1.33% 09/25/2028 | 0.68 | Deutschland | 6.4 | 0.04 |
| Summe (%) | 9.71 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
3
Industrie	47.67	55.66	4
Finanzen	40.44	35.26	2
Versorgungsbetr.	10.83	8.92	1
Industrie
Finanzen
Versorgungsbetr.
Cash
Securitized
Sonstige
-1
Sonstige	1.83	0.00	0
Liquide Mittel	-0.76	0.16
| Port. | 2.5 | 1.8 | 0.8 | 0.3 | 0.1 | -0.4 |
| --- | --- | --- | --- | --- | --- | --- |
| Bench. | 3.2 | 1.5 | 0.5 | - | - | - |

|  | Portfolio | Benchmark |
| --- | --- | --- |
| Frankreich | 18.87 | 21.34 |
| Italien | 13.77 | 5.50 |
| Spanien | 12.43 | 5.38 |
| Vereinigte Staaten Von Amerika | 11.53 | 18.36 |


## Geographische Ausrichtung (%)
Beitrag zur Duration nach Land
1.5
1.2
0.9
0.6
0.3
Frankreich
Italien
Vereinigte Staaten
Von Amerika
Spanien
Großbritannien
Deutschland
Schweiz
Portugal
Australien
Sonstige
0.0
| Deutschland | 10.23 | 14.66 |  |
| --- | --- | --- | --- |
| Großbritannien | 9.21 | 7.93 |
| Portugal | 3.96 | 0.37 |
| Irland | 3.25 | 0.92 |  | Port. | 1.1 | 0.7	0.6	0.5 | 0.4	0.4	0.2 | 0.2 | 0.2	0.7 |
| Australien | 2.81 | 1.98 |  | Bench. | 1.2 | 0.3	1.1	0.2 | 0.4	0.8	0.2 | - | 0.1	1.0 |
| Schweiz | 2.65 | 2.83 |  |
| Sonstige | 12.08 | 17.91 |
| Liquide Mittel | -0.76 | 0.16 |
| 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 | -0.76 | 1.78 | 16.22 | 30.58 | 23.18 | 19.48 | 8.35 | 1.18 |
|  | Benchmark | 0.16 | 1.11 | 23.76 | 24.68 | 21.01 | 16.83 | 9.88 | 2.57 |

-10

## Engagement nach Rating (%)
60
40
20
0
|  | AAA | AA | A | BBB | BB | B | N/A | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Portfolio | 0.93 | 1.52 | 24.14 | 56.80 | 14.57 | 2.33 | 0.47 | -0.76 |
|  | Benchmark | 0.35 | 8.83 | 38.27 | 52.37 | 0.02 | - | - | 0.16 |

-20

## Engagement nach Währung (%)
120
100
80
60
40
20
0
EUR	GBP
| Portfolio | 99.88 | 0.12 |
| --- | --- | --- |
| Benchmark | 100.00 | - |