# AXA WF US High Yield Bonds I m USD
## Benchmark
Since: 29/08/2016
100% ICE BofA US High Yield Master II

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 97.4% Benchmark = 91.8% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 58.2% Benchmark = 79.5% (not meaningful for coverage below 50%)
| Key Figures (USD)* Fund Cumulative Performance (%)	Current NAV YTD	1Y	3Y	10Y	Launch	Inc. -3.05	+0.65	+15.42	-	+32.62	98.35 Fund Annualized Performance (%)	Assets Under Management (M) 3 Y.	5 Y.	10 Y.	Launch		USD +4.89	+4.51	-	+5.25	2 678.50 Dividend Record Record Date	Ex-Date	Dividend per Share	12 month Yield (%) Nov 2021	29/11/2021	30/11/2021	0.42	5.11 Dec 2021	29/12/2021	30/12/2021	0.47	5.06 Jan 2022	27/01/2022	28/01/2022	0.41	5.17 Feb 2022	25/02/2022	28/02/2022	0.42	5.23 12 Month Yield = (Sum of Dividends) / (Ending NAV). The 12 Month yield is calculated based on the sum of the distributions over the previous 12 months and the latest NAV. The 12 month yield may be higher or lower than the actual annual dividend yield. A positive distribution yield does not imply positive return. Dividends are not guaranteed. Past dividends are not indicative of future dividends. Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors. Performance & Risk Performance Evolution (USD) |
| --- |
| 130 |  |  |  |  |  |  |
|  |  |  |  |  |  |
| 120 |
|  |  |  |  |  |  |
| 110 |
|  |  |  |  |  |  |
| 100 |
|  |  |  |  |  |  |
| 90 |
|  |  |  |  |  |  |
| 80 |
| 28/02/19 | 28/08/19 | 28/02/20 | 28/08/20 | 28/02/21 | 28/08/21 | 28/02/22 |
| Portfolio* (15.42%)	Benchmark (15.97%) |
| 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* (%) | 2.74 | 7.18 | 6.09 | 5.87 |
| Benchmark Volatility (%) | 3.41 | 9.19 | 7.61 | - |
| Relative Risk/Tracking Error  (%) | 0.86 | 2.29 | 1.83 | - |
| Sharpe Ratio | 0.44 | 0.65 | 0.66 | 0.82 |
| Information Ratio | 0.51 | 0.23 | 0.26 | - |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Launch |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -0.99 | -1.39 | -2.11 | -3.05 | 15.42 | 24.71 | 0.65 | 8.82 | 5.38 | 3.59 | 4.31 | 32.62 |
| Benchmark | -0.90 | -1.81 | -2.96 | -3.62 | 15.97 | 25.89 | 0.87 | 8.59 | 5.87 | 4.26 | 4.12 | - |
| Excess Return | -0.09 | 0.42 | 0.85 | 0.57 | -0.55 | -1.18 | -0.22 | 0.23 | -0.49 | -0.67 | 0.19 | - |


## Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.29 | 7.15 | 12.42 | -1.81 | 7.30 | - | - | - | - | - |
| Benchmark | 5.36 | 6.17 | 14.41 | -2.25 | 7.47 | - | - | - | - | - |
| Excess Return | -1.08 | 0.98 | -1.99 | 0.44 | -0.17 | - | - | - | - | - |

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 (%) | 2.15 | - |  | Option Adjusted Spread | 397 | 377 |
| Number of Holdings | 253 | 2099 |  | Average Coupon (%) | 6.14 | 5.67 |
| Number of Issuers | 147 | 774 |  | Current yield (%) | 6.07 | 5.76 |
| Years to Maturity | 5.78 | 6.33 |  | Yield To Worst (%) | 5.83 | 5.64 |
| Modified duration to worst | 3.86 | 4.46 |  | Yield to maturity (%) | 6.11 | 5.84 |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Services | 13.97 | 6.16 |
| Energy | 10.25 | 13.39 |
| Healthcare | 10.02 | 9.82 |
| Technology & Electronics | 8.07 | 4.21 |
| Capital Goods | 7.27 | 6.03 |
| Consumer Goods | 7.10 | 4.68 |
| Basic Industry | 6.98 | 7.28 |
| Media | 6.94 | 8.34 |
| Leisure | 5.74 | 6.77 |
| Telecommunications | 5.18 | 7.37 |
| Retail | 4.44 | 5.11 |
| Financial Services | 3.67 | 4.73 |
| Real Estate | 3.29 | 4.30 |
| Insurance | 1.69 | 1.42 |
| Transportation | 1.38 | 1.84 |
| Not Classified | 1.28 | 0.00 |
| Automotive | 0.57 | 4.40 |
| Utility | 0.00 | 2.81 |
| Banking | 0.00 | 1.35 |
| Cash | 2.15 | 0.00 |
| Modified Duration to Worst Breakdown (%) |  |  |

36
33
30
27
24
21
18
15
12
9
6
3
| 0 | Cash | 0-1 | 1-3 | 3-5 | 5-7 | 7-10 | 10-20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 2.15 | 9.00 | 34.17 | 16.80 | 28.58 | 8.28 | 1.02 |
| Benchmark | - | 7.25 | 25.98 | 25.38 | 28.10 | 10.24 | 3.05 |


## Maturity Breakdown (%)
40
30
20
10
0	Cash	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 2.15 | 2.59 | 36.50 | 31.00 | 24.36 | 2.74 | 0.66 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 9.70 | 27.06 | 29.32 | 28.36 | 3.39 | 2.17 |

| Top 10 Holdings |  |
| --- | --- |
| Issuer | Coupon rate | Maturity | Sector | Modified duration to worst | Rating | Weight (%) |  |
| CHANGE HEALTH / FIN INC | 5.750 | 01/03/25 | Healthcare | 2.80 | CCC | 1.24 |  |
| KAR AUCTION SERVICES INC | 5.125 | 01/06/25 | Services | 1.21 | CCC | 1.10 |  |
| WATCO COS LLC/FINANCE CO | 6.500 | 15/06/27 | Transportation | 2.98 | CCC | 1.08 |  |
| MAUSER PACKAGING SOLUT | 7.250 | 15/04/25 | Capital Goods | 2.77 | CCC | 1.05 |  |
| GETTY IMAGES INC | 9.750 | 01/03/27 | Media | 1.87 | CCC | 1.04 |  |
| MATTHEWS INTERNATIONAL C | 5.250 | 01/12/25 | Services | 1.68 | B | 0.95 |  |
| GREYSTAR REAL ESTATE PAR | 5.750 | 01/12/25 | Real Estate | 0.74 | BB | 0.92 |  |
| VERSCEND ESCROW CORP | 9.750 | 15/08/26 | Healthcare | 0.46 | CCC | 0.90 |  |
| HUB INTERNATIONAL LTD | 7.000 | 01/05/26 | Insurance | 1.12 | CCC | 0.88 |  |
| GARDA WORLD SECURITY COR | 9.500 | 01/11/27 | Services | 2.35 | CCC | 0.86 |  |
| Total (%) |  |  |  |  |  | 10.02 |  |
| Rating Breakdown (%) |  |  |  |  |  |  |  |

60
55
50
45
40
35
30
25
20
15
10
5
| 0 | BBB | BB | B | CCC | NR | Cash |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | - | 24.31 | 49.68 | 23.23 | 0.63 | 2.15 |
| Benchmark | 0.19 | 53.05 | 36.03 | 10.73 | - | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
USD	Cash
| Portfolio | 97.85 | 2.15 |
| --- | --- | --- |
| Benchmark | 100.00 | - |
| Securities Exposure by geographical area (%) |  |  |
|  | Portfolio | Benchmark |
| United States | 88.10 | 88.20 |
| Canada | 3.93 | 3.66 |
| Netherlands | 1.86 | 0.61 |
| United Kingdom | 1.26 | 1.93 |
| Other | 2.70 | 5.60 |
| Cash | 2.15 | 0.00 |

Translation (ENDE, 2022-02-28):
# AXA WF US High Yield Bonds I m USD
## Benchmark
Schon seit: 29/08/2016
100% ICE BofA US High Yield Master II

## Fondsindikatoren
| Durchschnittliches Rating (Linear) | Port. B | Bench. B+ |
| --- | --- | --- |
| Mod. Duration | 4.64 | 5.00 |
| Mod. Duration To Worst | 3.86 | 4.46 |
| Yield-to-Worst (%) | 5.83 | 5.64 |
| Anzahl Positionen | 253 | 2099 |
| Anzahl Emittenten | 147 | 774 |
| Fonds-Profile |  |  |
| ESG-Rating |  |  |
| Relatives ESG Rating |  |  |

% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 97.4% Benchmark = 91.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Kennzahlen (USD)* Kumulative Wertentwicklung des Fonds (%)	Aktueller NAV YTD	1J	3J	10J	Auflage	Aus. -3.05	+0.65	+15.42	-	+32.62	98.35 Annualisierte Wertentwicklung des Fonds (%)	Nettovermögen (M) 3 J.	5 J.	10 J.	Auflage		USD +4.89	+4.51	-	+5.25	2 678.50 Dividendenentwicklung |  |
| --- | --- |
|  | Stichtag | ex-Datum |  | Dividende | 12-Monats-Rendite |
|  |  |  |  | je Anteil |  |
| Nov 2021 | 29/11/2021 | 30/11/2021 |  | 0.42 | 5.11 |
| Dez 2021 | 29/12/2021 | 30/12/2021 |  | 0.47 | 5.06 |
| Jan 2022 | 27/01/2022 | 28/01/2022 |  | 0.41 | 5.17 |
| Feb 2022 | 25/02/2022 | 28/02/2022 |  | 0.42 | 5.23 |
| 12-Monatsrendite = (Summe der Dividenden) / (Schluss-NIW). Die 12-Monatsrendite wird basierend auf der |
| Summe der Ausschüttungen in den vorherigen 12 Monaten und dem letzten NIW berechnet. Die |
| 12-Monatsrendite kann höher oder niedriger als die tatsächliche jährliche Dividendenrendite sein. Eine positive |
| Ausschüttungsrendite ist nicht mit einem positiven Gesamtertrag gleichzusetzen. Die Dividenden sind nicht |
| garantiert. Aus den Dividenden in der Vergangenheit kann nicht auf die künftigen Dividenden geschlossen |
| Bitte beachten Sie, dass eine positive Ausschüttungsrendite nicht unbedingt mit einem positiven Gesamtertrag |
| gleichzusetzen ist. Anleger sollten sich bei Anlageentscheidungen nicht ausschließlich auf die in der obigen |
| Tabelle enthaltenen Informationen verlassen. Sie sollten das Angebotsdokument (einschließlich der Eckdaten) |
| des Fonds lesen, das weitere Einzelheiten enthält, unter anderem zu den Risikofaktoren. |
| Wertentwicklung & Risiken |
| Wertentwicklung (USD) |
| 130 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| 120 |
|  |  |  |  |  |  |  |
| 110 |
|  |  |  |  |  |  |  |
| 100 |
|  |  |  |  |  |  |  |
| 90 |
|  |  |  |  |  |  |  |
| 80 |
| 28/02/19 | 28/08/19 | 28/02/20 | 28/08/20 | 28/02/21 | 28/08/21 28/02/22 |  |
| Portfolio* (15.42%)	Benchmark (15.97%) |  |
| 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* (%) | 2.74 | 7.18 | 6.09 | 5.87 |
| Benchmark Volatilität (%) | 3.41 | 9.19 | 7.61 | - |
| Relatives Risiko/Tracking Error  (%) | 0.86 | 2.29 | 1.83 | - |
| Sharpe Ratio | 0.44 | 0.65 | 0.66 | 0.82 |
| Information Ratio | 0.51 | 0.23 | 0.26 | - |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |
|  |  |  |  |  |
| 7.50 |  |  |  |  |  |  |
| 5.00 |  |  |  |  |  |  |
| 2.50 |  |  |  |  |  |  |
| 0.00 | 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 | 4.31 | 3.59 | 5.38 | 8.82 | 0.65 |
| Netto-Wertentwicklung | 4.31 | 3.59 | 5.38 | 8.82 | 0.65 |

10.00
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
| 1M	3M	6M	YTD	3J	5J	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Auflage |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -0.99 | -1.39 | -2.11 | -3.05 | 15.42 | 24.71 | 0.65 | 8.82 | 5.38 | 3.59 | 4.31 | 32.62 |
| Benchmark | -0.90 | -1.81 | -2.96 | -3.62 | 15.97 | 25.89 | 0.87 | 8.59 | 5.87 | 4.26 | 4.12 | - |
| Abstände | -0.09 | 0.42 | 0.85 | 0.57 | -0.55 | -1.18 | -0.22 | 0.23 | -0.49 | -0.67 | 0.19 | - |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.29 | 7.15 | 12.42 | -1.81 | 7.30 | - | - | - | - | - |
| Benchmark | 5.36 | 6.17 | 14.41 | -2.25 | 7.47 | - | - | - | - | - |
| Abstände | -1.08 | 0.98 | -1.99 | 0.44 | -0.17 | - | - | - | - | - |

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 |
| Change Healthcare Hldg-Fin Inc 5.75% 03/01/2025 | 1.21 | Vereinigte Staaten Von Amerika | 2.7 | 0.03 |
| KAR Auction Services Inc 5.125% 06/01/2025 | 1.08 | Vereinigte Staaten Von Amerika | 2.9 | 0.03 |
| Watco Cos LLC / Watco Finance 6.5% 06/15/2027 | 1.06 | Vereinigte Staaten Von Amerika | 4.4 | 0.05 |
| BWAY Holding Co 7.25% 04/15/2025 | 1.03 | Vereinigte Staaten Von Amerika | 2.7 | 0.03 |
| Getty Images Inc 9.75% 03/01/2027 | 1.01 | Vereinigte Staaten Von Amerika | 3.9 | 0.04 |
| Matthews International Corp 5.25% 12/01/2025 | 0.93 | Vereinigte Staaten Von Amerika | 3.3 | 0.03 |
| Greystar Real Estate Partners 5.75% 12/01/2025 | 0.90 | Vereinigte Staaten Von Amerika | 3.3 | 0.03 |
| Verscend Escrow Corp 9.75% 08/15/2026 | 0.88 | Vereinigte Staaten Von Amerika | 3.6 | 0.03 |
| HUB International Ltd 7% 05/01/2026 | 0.86 | Vereinigte Staaten Von Amerika | 3.5 | 0.03 |
| Garda World Security Corp 9.5% 11/01/2027 | 0.85 | Vereinigte Staaten Von Amerika | 4.2 | 0.04 |
| Summe (%) | 9.81 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
Industrie	91.20	89.69	5
Finanzen	5.36	7.50	4
Ohne Zuordnung	1.28	0.00	3
Liquide Mittel	2.15	0.00	2
1
0
Industrie	Finanzen	Ohne
Zuordnung
Sonstige
Port.	4.4	0.2	0.1	-
Bench.	4.5	0.3	-	0.2

## Geographische Ausrichtung (%)
Portfolio	Benchmark

## Beitrag zur Duration nach Land
5
Vereinigte Staaten Von Amerika	88.42	86.07	4
Kanada	3.32	3.60	3
2
Luxemburg	1.29	1.52	1
Vereinigte Staaten
Von Amerika
Kanada
Luxemburg
Niederlande
Großbritannien
Italien
Sonstige
Großbritannien	0.61	1.98	0
Sonstige	4.20	2.79
Liquide Mittel	2.15	0.00
Port.	4.2	0.2	0.1	0.1	-	-	0.1
Bench.	4.3	0.2	0.1	-	0.1	0.1	0.2

## Engagement nach Laufzeit (%)
40
35
30
25
20
15
10
5
0	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	2.65	37.30	31.68	24.89	2.80	0.67
Benchmark	9.70	27.06	29.32	28.36	3.39	2.17

## Engagement nach Rating (%)
60
50
40
30
20
10
0	BBB	BB	B	CCC	NR	CC	Liquide Mittel
Portfolio	0.36	23.95	49.37	23.55	0.63	-	2.15
Benchmark	0.44	52.58	36.31	10.43	-	0.24	-

## Engagement nach Währung (%)
120
100
80
60
40
20
0
USD
Portfolio	100.00
Benchmark	100.00