# AXA WF Global High Yield Bonds I USD
*

## Benchmark
Since: 21/04/2006
100% ICE BofA Global High Yield Hedged USD

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 92.4% Benchmark = 87.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 52.1% Benchmark = 72.2% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 2.40 | 8.55 | 6.71 | 8.57 |
| Benchmark Volatility (%) | 2.83 | 9.66 | 7.61 | 9.64 |
| Relative Risk/Tracking Error  (%) | 0.93 | 1.67 | 1.48 | 3.89 |
| Sharpe Ratio | 3.76 | 0.60 | 0.78 | 0.79 |
| Information Ratio | -1.01 | -0.35 | 0.09 | 0.15 |
| 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* | 0.13 | 0.59 | 2.41 | 3.40 | 17.50 | 32.13 | 8.47 | 2.57 | 5.61 | 3.00 | 9.17 | 200.59 |
| Benchmark | -0.43 | 0.21 | 2.64 | 3.37 | 22.00 | 36.01 | 10.18 | 2.91 | 7.60 | 2.09 | 9.20 | 206.06 |
| Excess Return | 0.56 | 0.38 | -0.23 | 0.03 | -4.51 | -3.88 | -1.71 | -0.35 | -1.98 | 0.92 | -0.03 | -5.47 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.03 | 12.87 | -2.06 | 7.34 | 14.32 | -3.80 | 2.35 | 9.59 | 16.81 | 3.44 |
| Benchmark | 6.61 | 14.54 | -1.89 | 7.99 | 16.22 | -2.03 | 2.53 | 7.10 | 18.89 | 3.18 |
| Excess Return | -1.58 | -1.67 | -0.17 | -0.65 | -1.91 | -1.77 | -0.18 | 2.49 | -2.09 | 0.26 |

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 (%) | 2.56 | - |  | Option Adjusted Spread | 354 | 373 |
| Number of Holdings | 466 | 3920 |  | Average Coupon (%) | 5.95 | 5.39 |
| Number of Issuers | 353 | 1366 |  | Current yield (%) | 5.61 | 5.26 |
| Years to Maturity | 5.39 | 6.25 |  | Yield To Worst (%) | 4.02 | 4.37 |
| Modified duration to worst | 2.43 | 3.78 |  | Yield to maturity (%) | 5.00 | 4.82 |

* 1st NAV date: 21/04/2006
| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Services | 13.59 | 4.65 |
| Basic Industry | 8.59 | 8.55 |
| Energy | 8.03 | 13.86 |
| Capital Goods | 7.96 | 5.09 |
| Healthcare | 7.76 | 7.02 |
| Technology & Electronics | 7.43 | 3.42 |
| Media | 6.84 | 5.90 |
| Consumer Goods | 6.67 | 4.27 |
| Retail | 4.73 | 4.53 |
| Telecommunications | 4.71 | 7.21 |
| Financial Services | 4.59 | 5.21 |
| Real Estate | 4.22 | 6.20 |
| Leisure | 4.16 | 5.11 |
| Automotive | 2.28 | 4.94 |
| Insurance | 1.95 | 1.26 |
| Transportation | 1.29 | 2.93 |
| Not Classified | 1.03 | 0.00 |
| Utility | 0.61 | 4.25 |
| Banking | 0.59 | 5.59 |
| Covered Bonds | 0.40 | 0.00 |
| Cash | 2.56 | 0.00 |
| Modified Duration to Worst Breakdown (%) |  |  |

40
36
32
28
24
20
16
12
8
4
0	Cash	0-1	1-3	3-5	5-7	7-10	10-20	+ 20
Portfolio	2.56	37.79	23.76	23.25	9.31	2.22	1.11	-
Benchmark	-	13.65	30.33	30.80	15.45	5.60	4.15	0.02

## Maturity Breakdown (%)
50
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 | 2.56 | 0.69 | 7.26 | 38.44 | 29.22 | 19.43 | 2.01 | 0.38 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.07 | 16.17 | 31.12 | 24.06 | 21.64 | 3.71 | 3.23 |


## Top 10 Holdings
Issuer	Coupon rate	Maturity Sector	Modified duration to worst	Rating	Weight
CHANGE HEALTH / FIN INC	5.750	01/03/25 Healthcare	0.42	CCC	0.99%
MAUSER PACKAGING SOLUT	7.250	15/04/25 Capital Goods	3.08	CCC	0.95%
WATCO COS LLC/FINANCE CO	6.500	15/06/27 Transportation	1.62	CCC	0.84%
CAMELOT FINANCE SA	4.500	01/11/26 Services	1.05	B	0.83%
KAR AUCTION SERVICES INC	5.125	01/06/25 Services	1.59	CCC	0.83%
HUB INTERNATIONAL LTD	7.000	01/05/26 Insurance	0.57	CCC	0.83%
GETTY IMAGES INC	9.750	01/03/27 Media	0.42	CCC	0.79%
ARTERA SERVICES LLC	9.033	04/12/25 Basic Industry	1.25	B	0.72%
CD&R SMOKEY BUYER INC	6.750	15/07/25 Consumer Goods	0.77	B	0.67%
GRANITE MERGER SUB 2 INC	11.000	15/07/27 Technology & Electronics	0.76	CCC	0.67%

## Rating Breakdown (%)
70
60
50
40
30
20
10
0	BBB	BB	B	CCC	NR	Cash
Portfolio	0.79	26.54	48.11	21.04	0.94	2.56
Benchmark	0.26	60.81	30.17	8.76	-	-

## Currency Breakdown (%)
100
80
60
40
20
0
USD	EUR	GBP	Other	Cash
Portfolio	80.59	14.31	2.53	-	2.56
Benchmark	77.35	19.82	2.27	0.55	-

## Geographical Breakdown (%)
Portfolio	Benchmark
United States	75.23	54.12
United Kingdom	3.72	3.96
Canada	3.33	2.54
Netherlands	2.97	1.47
France	2.26	3.29
Germany	1.92	3.12
Italy	1.80	3.90
Luxemburg	1.32	1.18
Spain	1.08	1.90
Other	3.81	24.51
Cash	2.56	0.00

Translation (ENDE, 2021-09-30):
# AXA WF Global High Yield Bonds I USD
*

## Benchmark
Schon seit: 21/04/2006
100% ICE BofA Global High Yield Hedged USD

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 92.4% Benchmark = 87.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 52.1% Benchmark = 72.2% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Risikoanalyse
1J	3J	5J	Auflage
Portfolio Volatilität* (%)	2.40	8.55	6.71	8.57
Benchmark Volatilität (%)	2.83	9.66	7.61	9.64
Relatives Risiko/Tracking Error 
(%)	
0.93	1.67	1.48	3.89
Sharpe Ratio	3.76	0.60	0.78	0.79
Information Ratio	-1.01	-0.35	0.09	0.15

## Wertentwicklung (Brutto, Netto in %)
10.00
7.50
5.00
2.50
0.00
30/09/2016 -
30/09/2017
30/09/2017 -
30/09/2018
30/09/2018 -
30/09/2019
30/09/2019 -
30/09/2020
30/09/2020 -
30/09/2021
| Brutto-Wertentwicklung | 9.17 | 3.00 | 5.61 | 2.57 | 8.47 |
| --- | --- | --- | --- | --- | --- |
| Netto-Wertentwicklung | 9.17 | 3.00 | 5.61 | 2.57 | 8.47 |

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* | 0.13 | 0.59 | 2.41 | 3.40 | 17.50 | 32.13 | 8.47 | 2.57 | 5.61 | 3.00 | 9.17 | 200.59 |
| Benchmark | -0.43 | 0.21 | 2.64 | 3.37 | 22.00 | 36.01 | 10.18 | 2.91 | 7.60 | 2.09 | 9.20 | 206.06 |
| Abstände | 0.56 | 0.38 | -0.23 | 0.03 | -4.51 | -3.88 | -1.71 | -0.35 | -1.98 | 0.92 | -0.03 | -5.47 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.03 | 12.87 | -2.06 | 7.34 | 14.32 | -3.80 | 2.35 | 9.59 | 16.81 | 3.44 |
| Benchmark | 6.61 | 14.54 | -1.89 | 7.99 | 16.22 | -2.03 | 2.53 | 7.10 | 18.89 | 3.18 |
| Abstände | -1.58 | -1.67 | -0.17 | -0.65 | -1.91 | -1.77 | -0.18 | 2.49 | -2.09 | 0.26 |

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.
* Datum des ersten Nettoinventarwerts: 21/04/2006
| Portfolioanalyse |  |
| --- | --- |
| Fondsindikatoren |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Liquide Mittel (%) | 2.56 | - |  | Optionsbereinigter Spread | 354 | 373 |
| Anzahl Positionen | 466 | 3920 |  | Durchschnittlicher Coupon (%) | 5.95 | 5.39 |
| Anzahl Emittenten | 353 | 1366 |  | Laufende Verzinsung (%) | 5.61 | 5.26 |
| Jahre bis zur Fälligkeit | 5.39 | 6.25 |  | Yield-to-Worst (%) | 4.02 | 4.37 |
| Modified Duration to Worst | 2.43 | 3.78 |  | Rückzahlungsrendite (%) | 5.00 | 4.82 |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Dienste | 13.59 | 4.65 |
| Basisindustrie | 8.59 | 8.55 |
| Energie | 8.03 | 13.86 |
| Investitionsgüter | 7.96 | 5.09 |
| Gesundheitspflege | 7.76 | 7.02 |
| Technol. und Elektr. | 7.43 | 3.42 |
| Media | 6.84 | 5.90 |
| Verbraucher | 6.67 | 4.27 |
| Einzelhandel | 4.73 | 4.53 |
| Telekommunikation | 4.71 | 7.21 |
| Finanzdienstleistungen | 4.59 | 5.21 |
| Regular Pfandbriefe | 4.22 | 6.20 |
| Freizeit | 4.16 | 5.11 |
| Automobil | 2.28 | 4.94 |
| Versicherung | 1.95 | 1.26 |
| Beförderung | 1.29 | 2.93 |
| Nicht Klassifiziert | 1.03 | 0.00 |
| Versorgungsbetr. | 0.61 | 4.25 |
| Bankgeschäfte | 0.59 | 5.59 |
| Covered Bonds | 0.40 | 0.00 |
| Liquide Mittel | 2.56 | 0.00 |


## Aufteilung nach Modified Duration to Worst (%)
40
36
32
28
24
20
16
12
8
4
0	Liquide Mittel	0-1	1-3	3-5	5-7	7-10	10-20	+ 20
| Portfolio | 2.56 | 37.79 | 23.76 | 23.25 | 9.31 | 2.22 | 1.11 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 13.65 | 30.33 | 30.80 | 15.45 | 5.60 | 4.15 | 0.02 |


## Engagement nach Laufzeit (%)
50
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 | 2.56 | 0.69 | 7.26 | 38.44 | 29.22 | 19.43 | 2.01 | 0.38 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.07 | 16.17 | 31.12 | 24.06 | 21.64 | 3.71 | 3.23 |

| Top 10 Positionen |  |
| --- | --- |
| Emittent | Ausschüttung | Fälligkeit | Kategorie | Modified Duration to Worst | Rating | Gewichtung |
| CHANGE HEALTH / FIN INC | 5.750 | 01/03/25 | Gesundheitspflege | 0.42 | CCC | 0.99% |
| MAUSER PACKAGING SOLUT | 7.250 | 15/04/25 | Investitionsgüter | 3.08 | CCC | 0.95% |
| WATCO COS LLC/FINANCE CO | 6.500 | 15/06/27 | Beförderung | 1.62 | CCC | 0.84% |
| CAMELOT FINANCE SA | 4.500 | 01/11/26 | Dienste | 1.05 | B | 0.83% |
| KAR AUCTION SERVICES INC | 5.125 | 01/06/25 | Dienste | 1.59 | CCC | 0.83% |
| HUB INTERNATIONAL LTD | 7.000 | 01/05/26 | Versicherung | 0.57 | CCC | 0.83% |
| GETTY IMAGES INC | 9.750 | 01/03/27 | Media | 0.42 | CCC | 0.79% |
| ARTERA SERVICES LLC | 9.033 | 04/12/25 | Basisindustrie | 1.25 | B | 0.72% |
| CD&R SMOKEY BUYER INC | 6.750 | 15/07/25 | Verbraucher | 0.77 | B | 0.67% |
| GRANITE MERGER SUB 2 INC | 11.000 | 15/07/27 | Technol. und Elektr. | 0.76 | CCC | 0.67% |


## Engagement nach Rating (%)
70
60
50
40
30
20
10
0	BBB	BB	B	CCC	NR	Liquide Mittel
| Portfolio | 0.79 | 26.54 | 48.11 | 21.04 | 0.94 | 2.56 |
| --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.26 | 60.81 | 30.17 | 8.76 | - | - |


## Engagement nach Währung (%)
100
80
60
40
20
0
USD	EUR	GBP	Sonstige	Liquide Mittel
Portfolio	80.59	14.31	2.53	-	2.56
Benchmark	77.35	19.82	2.27	0.55	-

## Geographische Ausrichtung (%)
Portfolio	Benchmark
Vereinigten Staaten	75.23	54.12
Großbritannien	3.72	3.96
Kanada	3.33	2.54
Niederlande	2.97	1.47
Frankreich	2.26	3.29
Deutschland	1.92	3.12
Italien	1.80	3.90
Luxemburg	1.32	1.18
Spanien	1.08	1.90
Sonstige	3.81	24.51
Liquide Mittel	2.56	0.00