# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
USD
30.81
| Mod. Duration | 6.81 | 7.13 |
| --- | --- | --- |
| Mod. Duration To Worst | 6.85 | 7.15 |
| Yield To Worst (%) | 1.82 | 1.63 |
| Number of Holdings | 205 | 11797 |
| Number of Issuers | 176 | 1473 |

Port.	Bench. Linear Average Rating	BBB		A-

## Fund Profile
ESG Rating
ESG Relative Rating
28/09/18	30/03/19	30/09/19	30/03/20	30/09/20	30/03/21 30/09/21
CO2 Relative rating
Portfolio* (22.90%)	Benchmark (20.78%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.10 | 6.53 | 5.37 | 4.65 |
| Benchmark Volatility (%) | 3.06 | 6.25 | 5.14 | 4.44 |
| Relative Risk/Tracking Error  (%) | 0.62 | 0.70 | 0.60 | 0.59 |
| Sharpe Ratio | 1.26 | 1.01 | 0.76 | 1.09 |
| Information Ratio | 3.53 | 1.81 | 1.63 | 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.
% of AUM covered by ESG absolute rating: Portfolio = 91.4% Benchmark = 95.3% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 87.7% Benchmark = 90.0% (not meaningful for
coverage below 50%)

## 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* | -0.89 | 0.06 | 2.64 | -0.21 | 22.90 | 25.60 | 3.41 | 6.93 | 11.15 | -0.20 | 2.40 | 69.48 |
| Benchmark | -0.97 | 0.00 | 2.42 | -0.79 | 20.78 | 23.60 | 1.85 | 6.14 | 11.72 | 0.13 | 2.20 | 67.01 |
| Excess Return | 0.07 | 0.07 | 0.22 | 0.58 | 2.12 | 2.00 | 1.56 | 0.79 | -0.57 | -0.34 | 0.20 | 2.47 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.80 | 12.58 | -1.70 | 5.65 | 6.71 | -0.53 | 7.59 | 0.64 | 12.58 | - |
| Benchmark | 7.92 | 12.94 | -1.11 | 5.68 | 6.33 | -0.34 | 7.53 | 0.06 | 11.62 | - |
| Excess Return | 1.88 | -0.36 | -0.59 | -0.03 | 0.38 | -0.19 | 0.06 | 0.58 | 0.96 | - |

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 |
| UniCredit SpA VAR 07/03/2025 | 1.33 | Italy | 2.7 | 0.04 |
| Bank of America Corp VAR 10/22/2025 | 1.23 | United States | 2.9 | 0.04 |
| JPMorgan Chase & Co VAR 01/23/2029 | 1.22 | United States | 5.6 | 0.07 |
| Citigroup Inc VAR 01/28/2027 | 1.21 | United States | 4.2 | 0.05 |
| MPLX LP 4.875% 12/01/2024 | 1.14 | United States | 2.7 | 0.03 |
| Charter Comm Operat Cap 5.75% 04/01/2048 | 1.14 | United States | 14.8 | 0.17 |
| Deutsche Bank AG VAR 09/03/2026 | 1.08 | Germany | 3.8 | 0.04 |
| Anheuser-Busch InBev Worldwide 5.55% 01/23/2049 | 1.03 | Belgium | 15.6 | 0.16 |
| AT&T Inc 5.15% 11/15/2046 | 1.02 | United States | 14.9 | 0.15 |
| BPCE SA 3.5% 10/23/2027 | 0.98 | France | 5.4 | 0.05 |
| Total (%) | 11.38 |  |  |  |


## Sector Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Industrials | 49.54 | 58.81 |
| Financial | 37.62 | 33.62 |
| Utility | 9.10 | 7.57 |
| Cash | 3.74 | 0.00 |

Contribution to duration by sector
5
4
3
2
1
0
Industrials
Financial
Utility
Cash
Other
-1
Port.	4.4	2.0	0.6	0.1	-0.3
Bench.	4.7	1.8	0.6	-	-

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| United States | 55.21 | 49.52 |
| --- | --- | --- |
| France | 6.77 | 7.58 |
| Italy | 4.82 | 1.74 |
| United Kingdom | 4.79 | 7.97 |
| Canada | 3.90 | 3.89 |

Spain	3.83	2.04
Germany	2.52	5.19
Belgium	2.06	1.18
Netherlands	1.86	2.42
China	1.43	3.01
Other	9.09	8.19
Cash	3.74	0.00
5
4
3
2
1
United States United Kingdom France
Spain
Belgium
Germany
Italy
Canada
Sweden
Other
0
Port.	4.3	0.4	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.6
Bench. 4.1	0.5	0.4	0.1	0.1	0.3	0.1	0.2	-	1.2

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	3.74	-	4.52	26.71	16.97	22.78	6.14	19.15
Benchmark	-	0.32	19.09	20.50	15.15	16.56	11.65	16.72

## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Cash
Portfolio	-	1.76	15.45	73.71	5.34	3.74
Benchmark	1.01	8.31	40.30	50.35	0.03	-

## Currency Breakdown (%)
80
60
40
20
0	USD	EUR	GBP	CAD	JPY	AUD
Portfolio	70.52	24.33	3.53	1.63	-	-
Benchmark	65.98	26.54	4.65	2.24	0.42	0.16

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Nettovermögen (M)
USD
43.94
(Linear)
| Port. | Bench. |
| --- | --- |
| Durchschnittliches Rating	BBB | A- |
| Mod. Duration	6.81 | 7.13 |
| Mod. Duration To Worst	6.85 | 7.15 |
| Yield-to-Worst (%)	1.82 | 1.63 |
| Anzahl Positionen	205 | 11797 |
| Anzahl Emittenten	176 | 1472 |


## Fonds-Profile
ESG-Rating
Relatives ESG Rating
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (22.90%)	Benchmark (20.78%)
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 = 91.4% Benchmark = 95.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 3.10 | 6.53 | 5.37 | 4.65 |
| Benchmark Volatilität (%) | 3.06 | 6.25 | 5.14 | 4.44 |
| Relatives Risiko/Tracking Error  (%) | 0.62 | 0.70 | 0.60 | 0.59 |
| Sharpe Ratio | 1.26 | 1.01 | 0.76 | 1.09 |
| Information Ratio | 3.53 | 1.81 | 1.63 | 1.32 |


## Wertentwicklung (Brutto, Netto in %)
12
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  |  |  |
|  |  |  |  |  |  |

8
4
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 | 2.40 | -0.20 | 11.15 | 6.93 | 3.41 |  |
|  | Netto-Wertentwicklung | 2.40 | -0.20 | 11.15 | 6.93 | 3.41 |  |

-4
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* | -0.89 | 0.06 | 2.64 | -0.21 | 22.90 | 25.60 | 3.41 | 6.93 | 11.15 | -0.20 | 2.40 | 69.48 |
| Benchmark | -0.97 | 0.00 | 2.42 | -0.79 | 20.78 | 23.60 | 1.85 | 6.14 | 11.72 | 0.13 | 2.20 | 67.01 |
| Abstände | 0.07 | 0.07 | 0.22 | 0.58 | 2.12 | 2.00 | 1.56 | 0.79 | -0.57 | -0.34 | 0.20 | 2.47 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 9.80 | 12.58 | -1.70 | 5.65 | 6.71 | -0.53 | 7.59 | 0.64 | 12.58 | - |
| Benchmark | 7.92 | 12.94 | -1.11 | 5.68 | 6.33 | -0.34 | 7.53 | 0.06 | 11.62 | - |
| Abstände | 1.88 | -0.36 | -0.59 | -0.03 | 0.38 | -0.19 | 0.06 | 0.58 | 0.96 | - |

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 |
| UniCredit SpA VAR 07/03/2025 | 1.33 | Italien | 2.7 | 0.04 |
| Bank of America Corp VAR 10/22/2025 | 1.23 | Vereinigte Staaten Von Amerika | 2.9 | 0.04 |
| JPMorgan Chase & Co VAR 01/23/2029 | 1.22 | Vereinigte Staaten Von Amerika | 5.6 | 0.07 |
| Citigroup Inc VAR 01/28/2027 | 1.21 | Vereinigte Staaten Von Amerika | 4.2 | 0.05 |
| MPLX LP 4.875% 12/01/2024 | 1.14 | Vereinigte Staaten Von Amerika | 2.7 | 0.03 |
| Charter Comm Operat Cap 5.75% 04/01/2048 | 1.14 | Vereinigte Staaten Von Amerika | 14.8 | 0.17 |
| Deutsche Bank AG VAR 09/03/2026 | 1.08 | Deutschland | 3.8 | 0.04 |
| Anheuser-Busch InBev Worldwide 5.55% 01/23/2049 | 1.03 | Belgien | 15.6 | 0.16 |
| AT&T Inc 5.15% 11/15/2046 | 1.02 | Vereinigte Staaten Von Amerika | 14.9 | 0.15 |
| BPCE SA 3.5% 10/23/2027 | 0.98 | Frankreich | 5.4 | 0.05 |
| Summe (%) | 11.38 |  |  |  |


## Sektorengewichtung (%)
Portfolio	Benchmark

## Beitrag zur Duration nach Sektor
5
Industrie	49.54	58.81	4
Finanzen	37.62	33.62	3
2
Versorgungsbetr.	9.10	7.57	1
Liquide Mittel	3.74	0.00	0
Industrie
Finanzen
Versorgungsbetr.
Cash
Sonstige
-1
| Port. | 4.4 | 2.0 | 0.6 | 0.1 | -0.3 |
| --- | --- | --- | --- | --- | --- |
| Bench. | 4.7 | 1.8 | 0.6 | - | - |


## Geographische Ausrichtung (%)
Portfolio	Benchmark

## Beitrag zur Duration nach Land
5
Vereinigte Staaten Von Amerika	55.21	49.52
Frankreich	6.77	7.58
Italien	4.82	1.74
Großbritannien	4.79	7.97
Kanada	3.90	3.89
Spanien	3.83	2.04
Deutschland	2.52	5.19
Belgien	2.06	1.18
Niederlande	1.86	2.42
China	1.43	3.01
Sonstige	9.09	8.19
Liquide Mittel	3.74	0.00
4
3
2
1
Vereinigte Staaten
Von Amerika
Großbritannien
Frankreich
Spanien
Belgien
Deutschland
Italien
Kanada
Schweden
Sonstige
0
Port.	4.3	0.4	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.6
Bench. 4.1	0.5	0.4	0.1	0.1	0.3	0.1	0.2	-	1.2

## Engagement nach Laufzeit (%)
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	+20 Jahre
| Portfolio | 3.74 | - | 4.52 | 26.71 | 16.97 | 22.78 | 6.14 | 19.15 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.32 | 19.09 | 20.50 | 15.15 | 16.56 | 11.65 | 16.72 |


## Engagement nach Rating (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Liquide Mittel
Portfolio	-	1.76	15.45	73.71	5.34	3.74
Benchmark	1.01	8.31	40.30	50.35	0.03	-

## Engagement nach Währung (%)
80
60
40
20
0	USD	EUR	GBP	CAD	JPY	AUD
Portfolio	70.52	24.33	3.53	1.63	-	-
Benchmark	65.98	26.54	4.65	2.24	0.42	0.16