# Performance & Risk
## Performance Evolution (CHF)
Assets Under Management (M)
EUR

### 2 456.51
Port.	Bench.
Linear Average Rating	AA	AA
| Mod. Duration | 12.00 | 11.89 |
| --- | --- | --- |
| Mod. Duration To Worst | 12.00 | 11.89 |
| Yield To Worst (%) | -1.75 | -1.75 |
| Number of Holdings | 117 | 150 |
| Number of Issuers | 13 | 12 |

125
120
115
110
105
100
95
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (15.11%)	Benchmark (15.37%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 6.29 | 5.88 | 5.08 | 5.14 |
| Benchmark Volatility (%) | 6.28 | 6.03 | 5.17 | 5.14 |
| Relative Risk/Tracking Error  (%) | 0.96 | 1.20 | 0.95 | 0.81 |
| Sharpe Ratio | 1.16 | 1.02 | 0.66 | 0.88 |
| Information Ratio | 0.62 | 0.36 | 0.25 | 0.46 |

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 = 96.3% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 95.8% Benchmark = 100.0% (not meaningful for
coverage below 50%)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 28/02/21 28/02/22 | 28/02/20 28/02/21 | 28/02/19 29/02/20 | 28/02/18 28/02/19 | 28/02/17 28/02/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.53 | -3.26 | -0.70 | -1.57 | 15.11 | 11.17 | 6.15 | 0.14 | 8.29 | -1.70 | -1.75 | 64.62 |
| Benchmark | 0.21 | -3.45 | -0.89 | -1.93 | 15.37 | 12.61 | 6.06 | 0.48 | 8.26 | -0.90 | -1.51 | 66.04 |
| Excess Return | 0.32 | 0.20 | 0.19 | 0.37 | -0.26 | -1.44 | 0.09 | -0.33 | 0.02 | -0.80 | -0.24 | -1.42 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.72 | 7.91 | 4.35 | -3.35 | 0.47 | 7.81 | -1.89 | 8.31 | -6.45 | 5.28 |
| Benchmark | 4.56 | 7.73 | 4.39 | -2.75 | 0.84 | 8.26 | -2.78 | 8.36 | -5.90 | 5.18 |
| Excess Return | -0.84 | 0.18 | -0.04 | -0.59 | -0.36 | -0.45 | 0.89 | -0.05 | -0.55 | 0.10 |

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 0.25% 07/25/2024 | 3.87 | France | 2.5 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 3.26 | Germany | 1.2 | 0.04 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.13 | United States | 1.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.05 | United States | 9.4 | 0.29 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.40 | United States | 5.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.13 | United States | 2.1 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 1.98 | United States | 6.7 | 0.13 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.92 | United States | 8.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.89 | United States | 1.4 | 0.03 |
| US Treasury Inflation Idx Bonds 0.75% 07/15/2028 | 1.82 | United States | 6.3 | 0.11 |
| Total (%) | 25.45 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Treasury | 97.52 | 100.00 |
| Other | 0.58 | 0.00 |
| Cash | 1.90 | 0.00 |


## Contribution to duration by sector
14
12
10
8
6
4
2
0	Treasury	Agencies
| Port. | 11.5 | 0.1 |
| --- | --- | --- |
| Bench. | 11.9 | - |


## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio	Benchmark
7
United States	39.59	46.25	6
United Kingdom	28.54	28.85	5
3
France	10.51	8.00	4
Italy	5.89	5.41	2
Germany	5.74	2.79	1
ted om ted tates nce
Italy
ada
ain
any
pan
alia
her
0
Japan	2.47	2.66
| Spain | 2.17 | 2.18 |  |  | Uni Kingd Uni S Fra |  | Can Sp | Germ | Ja | Austr | Ot |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canada | 1.73 | 1.63 |  | Port. | 6.0	3.7	0.7 | 0.4 | 0.3	0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Other | 1.45 | 2.02 |  | Bench. | 6.0	3.7	0.7 | 0.4 | 0.3	0.1 | 0.3 | 0.1 | 0.1 | 0.1 |
| Cash | 1.90 | 0.00 |  |  |  |  |  |  |  |  |  |
| Maturity Breakdown (%) |  |  |  |  |  |  |  |  |  |  |  |

28
24
20
16
12
8
4
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	0.06	24.11	7.25	12.22	13.72	16.89	25.77
Benchmark	-	16.55	15.65	12.90	14.94	16.15	23.81

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
Portfolio	48.51	39.05	3.53	7.01	1.90
Benchmark	52.91	36.85	3.81	6.44	-

## Currency Breakdown (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portfolio | 40.36 | 29.09 | 24.79 | 2.51 | 1.76 | 0.83 | 0.36 | 0.29 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 46.25 | 28.85 | 18.37 | 2.66 | 1.63 | 0.93 | 0.61 | 0.47 | 0.21 |

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (CHF)
Nettovermögen (M)
EUR

### 2 456.51
(Linear)
125
120
115
110
105
100
95
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Portfolio* (15.11%)	Benchmark (15.37%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 6.29 | 5.88 | 5.08 | 5.14 |
| Benchmark Volatilität (%) | 6.28 | 6.03 | 5.17 | 5.14 |
| Relatives Risiko/Tracking Error  (%) | 0.96 | 1.20 | 0.95 | 0.81 |
| Sharpe Ratio | 1.16 | 1.02 | 0.66 | 0.88 |
| Information Ratio | 0.62 | 0.36 | 0.25 | 0.46 |

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.
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 96.3% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 95.8% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## Wertentwicklung (Brutto, Netto in %)
9
6
3
0
|  | 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 | -1.75 | -1.70 | 8.29 | 0.14 | 6.15 |  |
|  | Netto-Wertentwicklung | -1.75 | -1.70 | 8.29 | 0.14 | 6.15 |  |

-3
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* | 0.53 | -3.26 | -0.70 | -1.57 | 15.11 | 11.17 | 6.15 | 0.14 | 8.29 | -1.70 | -1.75 | 64.62 |
| Benchmark | 0.21 | -3.45 | -0.89 | -1.93 | 15.37 | 12.61 | 6.06 | 0.48 | 8.26 | -0.90 | -1.51 | 66.04 |
| Abstände | 0.32 | 0.20 | 0.19 | 0.37 | -0.26 | -1.44 | 0.09 | -0.33 | 0.02 | -0.80 | -0.24 | -1.42 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 3.72 | 7.91 | 4.35 | -3.35 | 0.47 | 7.81 | -1.89 | 8.31 | -6.45 | 5.28 |
| Benchmark | 4.56 | 7.73 | 4.39 | -2.75 | 0.84 | 8.26 | -2.78 | 8.36 | -5.90 | 5.18 |
| Abstände | -0.84 | 0.18 | -0.04 | -0.59 | -0.36 | -0.45 | 0.89 | -0.05 | -0.55 | 0.10 |

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 0.25% 07/25/2024 | 3.87 | Frankreich | 2.5 | 0.10 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 3.26 | Deutschland | 1.2 | 0.04 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 3.13 | Vereinigte Staaten Von Amerika | 1.9 | 0.06 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2031 | 3.05 | Vereinigte Staaten Von Amerika | 9.4 | 0.29 |
| US Treasury Inflation Idx Bonds 0.5% 01/15/2028 | 2.40 | Vereinigte Staaten Von Amerika | 5.8 | 0.14 |
| US Treasury Inflation Idx Bonds 0.5% 04/15/2024 | 2.13 | Vereinigte Staaten Von Amerika | 2.1 | 0.05 |
| US Treasury Inflation Idx Bonds 0.875% 01/15/2029 | 1.98 | Vereinigte Staaten Von Amerika | 6.7 | 0.13 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2031 | 1.92 | Vereinigte Staaten Von Amerika | 8.9 | 0.17 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 1.89 | Vereinigte Staaten Von Amerika | 1.4 | 0.03 |
| US Treasury Inflation Idx Bonds 0.75% 07/15/2028 | 1.82 | Vereinigte Staaten Von Amerika | 6.3 | 0.11 |
| Summe (%) | 25.45 |  |  |  |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Treasury | 97.52 | 100.00 |
| Sonstige | 0.58 | 0.00 |
| Liquide Mittel | 1.90 | 0.00 |


## Beitrag zur Duration nach Sektor
14
12
10
8
6
4
2
0	Treasury	Agenturen
| Port. | 11.5 | 0.1 |
| --- | --- | --- |
| Bench. | 11.9 | - |

|  | Portfolio | Benchmark |
| --- | --- | --- |
| Vereinigte Staaten Von Amerika | 39.59 | 46.25 |
| Großbritannien | 28.54 | 28.85 |
| Frankreich | 10.51 | 8.00 |
| Italien | 5.89 | 5.41 |


## Geographische Ausrichtung (%)
Beitrag zur Duration nach Land
8
6
4
2
Großbritannien
Vereinigte Staaten
Von Amerika
Frankreich
Italien
Kanada
Spanien
Deutschland
Japan
Australien
Sonstige
0
| Deutschland | 5.74 | 2.79 |  |
| --- | --- | --- | --- |
| Japan | 2.47 | 2.66 |
| Spanien | 2.17 | 2.18 |
| Kanada | 1.73 | 1.63 |  | Port.	6.0	3.7	0.7	0.4	0.3	0.1 | 0.1	0.1	0.1	0.1 |
| Sonstige | 1.45 | 2.02 |  | Bench. 6.0	3.7	0.7	0.4	0.3	0.1 | 0.3	0.1	0.1	0.1 |
| Liquide Mittel | 1.90 | 0.00 |  |  |  |


## Engagement nach Laufzeit (%)
28
24
20
16
12
8
4
0	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	0.06	24.11	7.25	12.22	13.72	16.89	25.77
Benchmark	-	16.55	15.65	12.90	14.94	16.15	23.81

## Engagement nach Rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	Liquide Mittel
Portfolio	48.51	39.05	3.53	7.01	1.90
Benchmark	52.91	36.85	3.81	6.44	-

## Engagement nach Währung (%)
50
40
30
20
10
0	USD	GBP	EUR	JPY	CAD	AUD	SEK	NZD	DKK
| Portfolio | 40.36 | 29.09 | 24.79 | 2.51 | 1.76 | 0.83 | 0.36 | 0.29 | - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 46.25 | 28.85 | 18.37 | 2.66 | 1.63 | 0.93 | 0.61 | 0.47 | 0.21 |