# Analyse du risque
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 an | 3 ans | 5 ans | Création |
| Volatilité annualisée Portefeuille* | 5.31% | 6.00% | 5.85% | 8.28% |
| Indicateur de performance** | 4.81% | 5.71% | 5.54% | 8.83% |
| Risque relatif (tracking error) | 1.44% | 0.89% | 1.09% | 1.65% |
| Ratio de Sharpe | -1.14 | 0.63 | 0.78 | 0.58 |
| Ratio d'information | -0.46 | 0.43 | 0.15 | 0.22 |

* Date de la 1ère Valeur Liquidative : 16/02/2007
** Indicateur de performance : se référer à la rubrique Indicateur de performance spécifiée en dernière rubrique Source(s) : AXA Investment Managers au 31/08/2018
Rédacteur : AXA Investment Managers Paris

Translation (FRES, 2018-08-31):
# Análisis del riesgo
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 1 A. | 3 A. | 5 A. | Inicio |
| Volatilidad anualizada Cartera* | 5.31% | 6.00% | 5.85% | 8.28% |
| Indicador de rentabilidad** | 4.81% | 5.71% | 5.54% | 8.83% |
| Riesgo relativo (' tracking error ') | 1.44% | 0.89% | 1.09% | 1.65% |
| Ratio de Sharpe | -1.14 | 0.63 | 0.78 | 0.58 |
| Ratio de información | -0.46 | 0.43 | 0.15 | 0.22 |

* Fecha del primer VL: 16/02/2007
** Indicador de rentabilidad : Consulte por favor la sección del Indicador de rentabilidad, en la parte del documento de características/aviso legal Fuente(s) : AXA Investment Managers a 31/08/2018
Redactor: AXA Investment Managers Paris.
| Análisis de la cartera |  |
| --- | --- |
| Características de la cartera |  |  |  | Características de la cartera |  |  |
|  | Cartera | Indicador de rentabilidad* |  |  | Cartera | Indicador de rentabilidad* |
| Liquidez | 5.31% | - |  | Duration to worst | 7.20 | 6.95 |
| Número de líneas | 130 | 667 |  | Spread duration | 6.30 | 6.81 |
| Número de emisores | 69 | 73 |  | Cupón medio | 6.23% | 5.96% |
| Calificación media lineal | BB- | BB |  | Yield to worst | 6.72 | 6.24 |
| Calificación media ponderada | BB- | BB- |  | Asset swap spread | 358 | 302 |
| Vencimiento medio | 12.15 | 11.08 |  |  |  |  |

94.89%
100.00%
| Exposición por país |  |
| --- | --- |
|  | Cartera | Indicador de rentabilidad* |
| México | 8.30% | 5.18% |
| Argentina | 5.32% | 2.71% |
| Indonesia | 4.93% | 4.36% |
| Rusia | 4.01% | 3.56% |
| Kazajstán | 3.62% | 2.84% |
| Ucrania | 3.45% | 2.56% |
| Nigeria | 3.40% | 1.45% |
| Brasil | 3.39% | 3.10% |
| República Dominicana | 2.88% | 2.67% |
| Omán | 2.73% | 2.64% |
| Colombia | 2.49% | 3.02% |
| Panamá | 2.49% | 2.82% |
| Líbano | 2.10% | 2.34% |
| Turquía | 2.09% | 3.17% |
| Sudáfrica | 2.04% | 2.78% |
| Egipto | 2.01% | 2.54% |
| Chile | 1.98% | 2.80% |
| Jamaica | 1.88% | 1.07% |
| Azerbaiyán | 1.86% | 1.18% |
| Filipinas | 1.81% | 3.30% |
| Malasia | 1.75% | 2.65% |
| Uruguay | 1.65% | 2.52% |
| El Salvador | 1.52% | 1.14% |
| India | 1.48% | 0.97% |
| Angola | 1.46% | 1.00% |
| Mongolia | 1.44% | 0.58% |
| Rumania | 1.41% | 1.35% |
| Polonia | 1.41% | 2.11% |
| Costa Rica | 1.36% | 1.10% |
| Ecuador | 1.32% | 2.56% |
| Venezuela | 1.26% | 0.96% |
| Sri Lanka | 1.25% | 2.02% |
| Irak | 1.11% | 0.66% |
| Costa de Marfil | 0.99% | 0.79% |
| Paraguay | 0.98% | 0.68% |
| Otros | 11.50% | 22.83% |
| Liquidez | 5.31% | 0.00% |


## Exposición por divisa
125%
100%
75%
1.41%
0.00%
1.22%
0.00%
1.15%
0.00%
1.09%
0.00%
0.98%
0.00%
0.67%
0.00%
0.52%
0.00%
0.46%
0.00%
0.00%
50%
25%
-2.38%
0%
DÓLAR
ESTADOUNIDENSE
NUEVO ZLOTY
POLACO
LIBRA EGIPCIA
RUPIA INDONESIA
TENGE DE
KAZAJSTÁN
REAL DE BRASIL
LEU DE RUMANIA
HRYVNIA DE
UCRANIA
PESO ARGENTINO
Otros
-25%
Cartera	Indicador de rentabilidad*
32.22%
35.01%

## Exposición por calificación
40%
26.10%
22.98%
36%
25.11%
25.36%
32%
28%
24%
20%
9.83%
16%
3.50%
5.56%
5.54%
5.31%
0.00%
12%
0.39%
0.05%
0.00%
0.12%
0.00%
0.09%
1.26%
0.87%
0.56%
0.16%
8%
4%
AA
A
BBB
BB
B
CCC
CC
C
D
NR
Liquidez
0%
Cartera	Indicador de rentabilidad*