# Performance & Risk
## Performance Evolution (EUR)
Assets Under Management (M)
USD
438.50
| Mod. Duration | 6.90 | 7.06 |
| --- | --- | --- |
| Mod. Duration To Worst | 6.92 | 7.09 |
| Yield To Worst (%) | 1.65 | 1.62 |
| Number of Holdings | 405 | 16988 |
| Number of Issuers | 199 | 1950 |

Port.	Bench. Linear Average Rating	BBB+		A-
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
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120
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

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
Portfolio* (13.24%)	Benchmark (14.03%)
Data is rebased to 100 by AXA IM on the graph start date.
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.15 | 5.96 | 4.95 | 4.40 |
| Benchmark Volatility (%) | 3.10 | 6.21 | 5.12 | 4.47 |
| Relative Risk/Tracking Error  (%) | 0.33 | 0.60 | 0.50 | 0.58 |
| Sharpe Ratio | 0.14 | 0.81 | 0.49 | 0.70 |
| Information Ratio | -2.91 | 0.03 | -0.29 | 0.02 |

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 = 97.4% Benchmark = 94.4% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 91.8% Benchmark = 89.0% (not meaningful for
coverage below 50%)

## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y | 5Y | 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 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -1.01 | -0.25 | 1.90 | -2.09 | 13.24 | 9.40 | -0.29 | 4.87 | 8.29 | -2.75 | -0.66 | 25.28 |
| Benchmark | -1.06 | -0.19 | 2.12 | -1.43 | 14.03 | 11.53 | 0.92 | 4.24 | 8.39 | -2.32 | 0.13 | 28.09 |
| Excess Return | 0.04 | -0.07 | -0.21 | -0.66 | -0.79 | -2.14 | -1.21 | 0.63 | -0.10 | -0.44 | -0.79 | -2.81 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.83 | 8.68 | -3.47 | 2.97 | 4.15 | 0.06 | 7.76 | - | - | - |
| Benchmark | 6.61 | 9.26 | -3.61 | 3.76 | 4.38 | -0.51 | 7.57 | - | - | - |
| Excess Return | 0.22 | -0.58 | 0.14 | -0.79 | -0.22 | 0.56 | 0.18 | - | - | - |

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 |
| Brighthouse Financial Inc 5.625% 05/15/2030 | 0.62 | United States | 6.7 | 0.04 |
| Capital One Financial Corp VAR 07/29/2032 | 0.60 | United States | 8.7 | 0.05 |
| First American Financial Corp 2.4% 08/15/2031 | 0.60 | United States | 8.5 | 0.05 |
| Abu Dhabi Ports Co PJSC 2.5% 05/06/2031 | 0.58 | Arab Emirates | 8.2 | 0.05 |
| Block Financial LLC 2.5% 07/15/2028 | 0.58 | United States | 6.0 | 0.04 |
| Masco Corp 1.5% 02/15/2028 | 0.58 | United States | 5.9 | 0.03 |
| Martin Marietta Materials Inc 2.4% 07/15/2031 | 0.58 | United States | 8.4 | 0.05 |
| Kimberly-Clark Mexico SAB de CV 2.43% 07/01/2031 | 0.57 | Mexico | 8.6 | 0.05 |
| Nestle Holdings Inc 3.9% 09/24/2038 | 0.56 | Switzerland | 12.5 | 0.07 |
| Coca-Cola Femsa SAB de CV 1.85% 09/01/2032 | 0.56 | Mexico | 9.6 | 0.05 |
| Total (%) | 5.83 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
6
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Industrials | 57.63 | 57.81 |
| Financial | 32.55 | 32.37 |
| Utility | 7.42 | 9.48 |
| Other | 0.83 | 0.04 |
| Cash | 1.57 | 0.30 |

5
4
3
2
1
0
-1	Industrials	Financial	Utility	Other
| Port. | 4.8 | 2.0 | 0.8 | -0.5 |
| --- | --- | --- | --- | --- |
| Bench. | 4.5 | 1.7 | 0.8 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| United States | 42.97 | 49.68 |
| --- | --- | --- |
| United Kingdom | 11.57 | 7.33 |
| France | 8.15 | 7.06 |
| Italy | 4.40 | 1.64 |
| China | 3.64 | 3.16 |

Australia	3.23	2.02
Japan	3.14	3.18
Germany	2.93	4.88
Spain	2.10	1.91
Mexico	1.83	0.62
Other	14.49	13.49
Cash	1.57	0.30
5
4
3
2
1
United States
United Kingdom
France
Italy
Japan
Canada
Germany
China
Switzerland
Other
0
Port.	3.5	0.7	0.6	0.3	0.2	0.2	0.2	0.2	0.2	1.1
Bench. 4.1	0.5	0.4	0.1	0.1	0.3	0.3	0.1	0.1	1.0

## Maturity Breakdown (%)
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 | 1.57 | 1.88 | 4.97 | 13.60 | 19.40 | 32.33 | 16.72 | 9.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.30 | 1.66 | 19.33 | 19.88 | 14.39 | 15.69 | 11.64 | 17.11 |


## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	NR	Cash
| Portfolio | 0.54 | 3.27 | 38.60 | 55.90 | - | 0.13 | 1.57 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 1.01 | 8.49 | 40.15 | 49.98 | 0.08 | - | 0.30 |


## Currency Breakdown (%)
120
|  |  |  |  |
| --- | --- | --- | --- |
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|  |  |
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|  |  |

100
80
60
40
20
0
-20
USD	GBP	CAD	CHF	EUR
| Portfolio | 100.20 | 0.08 | 0.01 | 0.01 | -0.30 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | - | - | - | - | 100.00 |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Nettovermögen (M)
USD
438.50
(Linear)
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| --- | --- | --- | --- | --- | --- | --- |
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| Port. | Bench. |
| --- | --- |
| Durchschnittliches Rating	BBB+ | A- |
| Mod. Duration	6.90 | 7.06 |
| Mod. Duration To Worst	6.92 | 7.09 |
| Yield-to-Worst (%)	1.65 | 1.62 |
| Anzahl Positionen	405 | 16988 |
| Anzahl Emittenten	199 | 1950 |

120
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

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Portfolio* (13.24%)	Benchmark (14.03%)
Die Daten von AXA IM sind auf der Basis von 100 zum Anfangsdatum der Grafik angegeben.
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 3.15 | 5.96 | 4.95 | 4.40 |
| Benchmark Volatilität (%) | 3.10 | 6.21 | 5.12 | 4.47 |
| Relatives Risiko/Tracking Error  (%) | 0.33 | 0.60 | 0.50 | 0.58 |
| Sharpe Ratio | 0.14 | 0.81 | 0.49 | 0.70 |
| Information Ratio | -2.91 | 0.03 | -0.29 | 0.02 |

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 = 97.4% Benchmark = 94.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 91.8% Benchmark = 89.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)

## 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 | -0.66 | -2.75 | 8.29 | 4.87 | -0.29 |  |
|  | Netto-Wertentwicklung | -0.66 | -2.75 | 8.29 | 4.87 | -0.29 |  |

-4
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* | -1.01 | -0.25 | 1.90 | -2.09 | 13.24 | 9.40 | -0.29 | 4.87 | 8.29 | -2.75 | -0.66 | 25.28 |
| Benchmark | -1.06 | -0.19 | 2.12 | -1.43 | 14.03 | 11.53 | 0.92 | 4.24 | 8.39 | -2.32 | 0.13 | 28.09 |
| Abstände | 0.04 | -0.07 | -0.21 | -0.66 | -0.79 | -2.14 | -1.21 | 0.63 | -0.10 | -0.44 | -0.79 | -2.81 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 6.83 | 8.68 | -3.47 | 2.97 | 4.15 | 0.06 | 7.76 | - | - | - |
| Benchmark | 6.61 | 9.26 | -3.61 | 3.76 | 4.38 | -0.51 | 7.57 | - | - | - |
| Abstände | 0.22 | -0.58 | 0.14 | -0.79 | -0.22 | 0.56 | 0.18 | - | - | - |

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 |
| Brighthouse Financial Inc 5.625% 05/15/2030 | 0.62 | Vereinigte Staaten Von Amerika | 6.7 | 0.04 |
| Capital One Financial Corp VAR 07/29/2032 | 0.60 | Vereinigte Staaten Von Amerika | 8.7 | 0.05 |
| First American Financial Corp 2.4% 08/15/2031 | 0.60 | Vereinigte Staaten Von Amerika | 8.5 | 0.05 |
| Abu Dhabi Ports Co PJSC 2.5% 05/06/2031 | 0.58 | Arabische Emirate | 8.2 | 0.05 |
| Block Financial LLC 2.5% 07/15/2028 | 0.58 | Vereinigte Staaten Von Amerika | 6.0 | 0.04 |
| Masco Corp 1.5% 02/15/2028 | 0.58 | Vereinigte Staaten Von Amerika | 5.9 | 0.03 |
| Martin Marietta Materials Inc 2.4% 07/15/2031 | 0.58 | Vereinigte Staaten Von Amerika | 8.4 | 0.05 |
| Kimberly-Clark Mexico SAB de CV 2.43% 07/01/2031 | 0.57 | Mexiko | 8.6 | 0.05 |
| Nestle Holdings Inc 3.9% 09/24/2038 | 0.56 | Schweiz | 12.5 | 0.07 |
| Coca-Cola Femsa SAB de CV 1.85% 09/01/2032 | 0.56 | Mexiko | 9.6 | 0.05 |
| Summe (%) | 5.83 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
5
Industrie	57.63	57.81	6
Finanzen	32.55	32.37	4
Versorgungsbetr.	7.42	9.48	3
1
Sonstige	0.83	0.04	2
Liquide Mittel	1.57	0.30	0
Industrie
Finanzen
Versorgungsbetr.
Sonstige
-1
Port.	4.8	2.0	0.8	-0.5
Bench.	4.5	1.7	0.8	-

## Geographische Ausrichtung (%)
Portfolio	Benchmark

## Beitrag zur Duration nach Land
5
Vereinigte Staaten Von Amerika	42.97	49.68
Großbritannien	11.57	7.33
Frankreich	8.15	7.06
Italien	4.40	1.64
China	3.64	3.16
Australien	3.23	2.02
Japan	3.14	3.18
Deutschland	2.93	4.88
Spanien	2.10	1.91
Mexiko	1.83	0.62
Sonstige	14.49	13.49
Liquide Mittel	1.57	0.30
4
3
2
1
Vereinigte Staaten
Von Amerika
Großbritannien
Frankreich
Italien
Japan
Kanada
Deutschland
China
Schweiz
Sonstige
0
Port.	3.5	0.7	0.6	0.3	0.2	0.2	0.2	0.2	0.2	1.1
Bench. 4.1	0.5	0.4	0.1	0.1	0.3	0.3	0.1	0.1	1.0

## Engagement nach Laufzeit (%)
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 | 1.57 | 1.88 | 4.97 | 13.60 | 19.40 | 32.33 | 16.72 | 9.53 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 0.30 | 1.66 | 19.33 | 19.88 | 14.39 | 15.69 | 11.64 | 17.11 |


## Engagement nach Rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	NR	Liquide Mittel
| Portfolio | 0.54 | 3.27 | 38.60 | 55.90 | - | 0.13 | 1.57 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 1.01 | 8.49 | 40.15 | 49.98 | 0.08 | - | 0.30 |


## Engagement nach Währung (%)
120
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
-20
USD	GBP	CAD	CHF	EUR
| Portfolio | 100.20 | 0.08 | 0.01 | 0.01 | -0.30 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | - | - | - | - | 100.00 |