# Performance & Risk
## Performance Evolution (EUR)
% of AUM covered by ESG absolute rating: Portfolio = 96.1% Benchmark = 95.2% (not meaningful for coverage below 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
Portfolio* (11.00%)	Benchmark (10.42%)
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* (%) | 2.50 | 4.54 | 3.83 | 3.65 |
| Benchmark Volatility (%) | 2.80 | 4.60 | 3.84 | 3.65 |
| Relative Risk/Tracking Error  (%) | 0.59 | 0.52 | 0.48 | 0.50 |
| Sharpe Ratio | 0.21 | 0.99 | 0.56 | 0.73 |
| Information Ratio | 1.96 | 1.44 | 0.61 | 0.54 |
| 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* | -0.94 | 0.05 | 0.52 | -2.14 | 11.00 | 6.31 | -0.50 | 2.22 | 9.14 | -1.97 | -2.30 | 10.92 |
| Benchmark | -1.31 | -0.08 | 0.21 | -2.50 | 10.42 | 7.71 | -1.11 | 2.03 | 9.43 | -1.03 | -1.44 | 12.78 |
| Excess Return | 0.37 | 0.14 | 0.31 | 0.35 | 0.58 | -1.40 | 0.61 | 0.19 | -0.30 | -0.94 | -0.86 | -1.86 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.74 | 6.73 | -1.46 | 0.41 | 1.87 | - | - | - | - | - |
| Benchmark | 5.30 | 6.95 | -0.71 | 1.51 | 2.02 | - | - | - | - | - |
| Excess Return | 0.44 | -0.22 | -0.76 | -1.09 | -0.15 | - | - | - | - | - |

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 |
| France Government Bond OAT 1.75% 06/25/2039 | 4.05 | France | 15.5 | 0.63 |
| Italy (Republic of) 1.5% 04/30/2045 | 1.96 | Italy | 19.4 | 0.38 |
| Perusahaan Penerbit SBSN III 2.3% 06/23/2025 | 1.50 | Indonesia | 3.6 | 0.05 |
| European Investment Bank 0.5% 11/13/2037 | 0.94 | Supra National | 15.4 | 0.15 |
| Coca-Cola Femsa SAB de CV 1.85% 09/01/2032 | 0.89 | Mexico | 9.6 | 0.08 |
| RATP 0.35% 06/20/2029 | 0.85 | France | 7.6 | 0.06 |
| Spain Government Bond 1% 07/30/2042 | 0.79 | Spain | 18.7 | 0.15 |
| China Construction Bank Corp 04/22/2024 | 0.74 | China | 2.6 | 0.02 |
| Toyota Motor Credit Corp 2.15% 02/13/2030 | 0.73 | Japan | 7.6 | 0.06 |
| Inversiones CMPC SA 4.375% 04/04/2027 | 0.72 | Chile | 4.8 | 0.04 |
| Total (%) | 13.18 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| Financial | 26.79 | 16.65 |
| --- | --- | --- |
| Industrials | 24.10 | 18.03 |
| Quasi & Foreign Gvt | 19.42 | 30.00 |
| Utility | 18.62 | 17.67 |
| Sovereign | 9.13 | 17.65 |

Other	0.08	0.00
Cash	1.86	0.00
3
2
1
Industrials
Quasi &
Foreign Gvt
Sovereign
Financial
Utility
0
Port.	1.8	1.6	1.6	1.3	1.2
Bench.	1.2	2.4	2.6	0.7	1.3

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 16.31 | 16.56 |
| --- | --- | --- |
| Spain | 10.75 | 5.43 |
| United States | 9.43 | 11.52 |
| Italy | 9.36 | 4.44 |
| Netherlands | 6.62 | 7.21 |

Germany	6.14	13.57
Supra National	5.10	8.69
United Kingdom	4.43	3.81
Portugal	3.92	0.44
China	3.62	2.84
Other	22.45	23.31
Cash	1.86	0.00
3
2
1
France
United States
Italy
Spain
Germany
Netherlands
Supra National
United Kingdom
Chile
Other
0
Port.	1.6	0.8	0.8	0.6	0.5	0.5	0.4	0.3	0.3	1.5
Bench. 2.1	1.0	0.4	0.3	1.0	0.7	0.6	0.3	0.1	1.7

## 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 | 1.86 | 0.89 | 9.13 | 16.49 | 19.45 | 24.60 | 17.22 | 10.37 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 2.98 | 11.42 | 18.77 | 16.18 | 21.34 | 18.32 | 11.00 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Cash
| Portfolio | 6.62 | 12.81 | 25.46 | 45.99 | 7.01 | 0.26 | - | 1.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 21.08 | 24.24 | 23.04 | 31.40 | - | - | 0.24 | - |


## Currency Breakdown (%)
80
60
40
20
0	EUR	USD	GBP	CAD	SEK	AUD	CNH	SGD	RUB	PLN	NZD	NOK	MXN	JPY	IDR	Other
| Portfolio	70.62 | 24.04 | 2.18 | 1.61 | 0.83 | 0.73 | - | - | - | - | - | - | - | - | - | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 64.01 | 21.88 | 3.86 | 2.88 | 2.24 | 2.16 | 0.26 | 0.06 | 0.02 | 0.10 | 0.11 | 0.41 | 0.03 | 0.70 | 0.03 | 1.24 |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 96.1% Benchmark = 95.2% (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
Portfolio* (11.00%)	Benchmark (10.42%)
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.
-4
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 2.50 | 4.54 | 3.83 | 3.65 |
| Benchmark Volatilität (%) | 2.80 | 4.60 | 3.84 | 3.65 |
| Relatives Risiko/Tracking Error  (%) | 0.59 | 0.52 | 0.48 | 0.50 |
| Sharpe Ratio | 0.21 | 0.99 | 0.56 | 0.73 |
| Information Ratio | 1.96 | 1.44 | 0.61 | 0.54 |
| 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 | -2.30 | -1.97 | 9.14 | 2.22 | -0.50 |  |
|  | Netto-Wertentwicklung | -2.30 | -1.97 | 9.14 | 2.22 | -0.50 |  |

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* | -0.94 | 0.05 | 0.52 | -2.14 | 11.00 | 6.31 | -0.50 | 2.22 | 9.14 | -1.97 | -2.30 | 10.92 |
| Benchmark | -1.31 | -0.08 | 0.21 | -2.50 | 10.42 | 7.71 | -1.11 | 2.03 | 9.43 | -1.03 | -1.44 | 12.78 |
| Abstände | 0.37 | 0.14 | 0.31 | 0.35 | 0.58 | -1.40 | 0.61 | 0.19 | -0.30 | -0.94 | -0.86 | -1.86 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.74 | 6.73 | -1.46 | 0.41 | 1.87 | - | - | - | - | - |
| Benchmark | 5.30 | 6.95 | -0.71 | 1.51 | 2.02 | - | - | - | - | - |
| Abstände | 0.44 | -0.22 | -0.76 | -1.09 | -0.15 | - | - | - | - | - |

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 |
| France Government Bond OAT 1.75% 06/25/2039 | 4.05	Frankreich	15.5 | 0.63 |
| Italy (Republic of) 1.5% 04/30/2045 | 1.96	Italien	19.4 | 0.38 |
| Perusahaan Penerbit SBSN III 2.3% 06/23/2025 | 1.50	Indonesien	3.6 | 0.05 |
| European Investment Bank 0.5% 11/13/2037 | 0.94	Supranational	15.4 | 0.15 |
| Coca-Cola Femsa SAB de CV 1.85% 09/01/2032 | 0.89	Mexiko	9.6 | 0.08 |
| RATP 0.35% 06/20/2029 | 0.85	Frankreich	7.6 | 0.06 |
| Spain Government Bond 1% 07/30/2042 | 0.79	Spanien	18.7 | 0.15 |
| China Construction Bank Corp 04/22/2024 | 0.74	China	2.6 | 0.02 |
| Toyota Motor Credit Corp 2.15% 02/13/2030 | 0.73	Japan	7.6 | 0.06 |
| Inversiones CMPC SA 4.375% 04/04/2027 | 0.72	Chile	4.8 | 0.04 |
| Summe (%) | 13.18 |  |
| Sektorengewichtung (%) | Beitrag zur Duration nach Sektor |  |

Portfolio	Benchmark
Finanzen	26.79	16.65
Industrie	24.10	18.03
Quasi & Foreign Gvt	19.42	30.00
Versorgungsbetr.	18.62	17.67
Sovereign	9.13	17.65
Sonstige	0.08	0.00
Liquide Mittel	1.86	0.00
3
2
1
Industrie
Quasi & Foreign
Gvt
Sovereign
Finanzen
Versorgungsbetr.
0
Port.	1.8	1.6	1.6	1.3	1.2
Bench.	1.2	2.4	2.6	0.7	1.3

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio	Benchmark
Frankreich	16.31	16.56
Spanien	10.75	5.43
Vereinigte Staaten Von Amerika	9.43	11.52
Italien	9.36	4.44
Niederlande	6.62	7.21
Deutschland	6.14	13.57
Supranational	5.10	8.69
Großbritannien	4.43	3.81
Portugal	3.92	0.44
China	3.62	2.84
Sonstige	22.45	23.31
Liquide Mittel	1.86	0.00
3
2
1
Frankreich
Vereinigte Staaten
Von Amerika
Italien
Spanien
Deutschland
Niederlande
Supranational
Großbritannien
Chile
Sonstige
0
Port.	1.6	0.8	0.8	0.6	0.5	0.5	0.4	0.3	0.3	1.5
Bench. 2.1	1.0	0.4	0.3	1.0	0.7	0.6	0.3	0.1	1.7

## 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 | 1.86 | 0.89 | 9.13 | 16.49 | 19.45 | 24.60 | 17.22 | 10.37 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 2.98 | 11.42 | 18.77 | 16.18 | 21.34 | 18.32 | 11.00 |


## Engagement nach Rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	NR	Liquide Mittel
| Portfolio | 6.62 | 12.81 | 25.46 | 45.99 | 7.01 | 0.26 | - | 1.86 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 21.08 | 24.24 | 23.04 | 31.40 | - | - | 0.24 | - |


## Engagement nach Währung (%)
80
60
40
20
EUR
USD
GBP
CAD
SEK
AUD
CNH
SGD
RUB
PLN
NZD
NOK
MXN
JPY
IDR
Sonstige
0
Portfolio	70.62	24.04	2.18	1.61	0.83	0.73	-	-	-	-	-	-	-	-	-	-
Benchmark 64.01	21.88	3.86	2.88	2.24	2.16	0.26	0.06	0.02	0.10	0.11	0.41	0.03	0.70	0.03	1.24