# Performance & Risk
## Performance Evolution (EUR)
Current NAV
| Benchmark |  |
| --- | --- |
| Since: 06/09/2005 100% FTSE EuroBIG All Mat |
| Fund Key Metrics |
|  | Port. | Bench. |
| Linear Average Rating | A- | A+ |
| Mod. Duration | 6.98 | 7.59 |
| Mod. Duration To Worst | 6.98 | 7.59 |
| Yield To Worst (%) | 0.22 | 0.08 |
| Number of Holdings | 185 | 5668 |
| Number of Issuers | 98 | 682 |
| Fund Profile |  |  |
| ESG Rating |  |  |
| ESG Relative Rating |  |  |

Acc.

### 171.47
Assets Under Management (M)
EUR

### 545.06
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

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
% of AUM covered by ESG absolute rating: Portfolio =
Portfolio* (10.79%)	Benchmark (8.85%)
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.
94.7% Benchmark = 98.1% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 2.43 | 3.95 | 3.54 | 3.69 |
| Benchmark Volatility (%) | 2.66 | 3.91 | 3.50 | 3.51 |
| Relative Risk/Tracking Error  (%) | 0.52 | 0.60 | 0.69 | 0.69 |
| Sharpe Ratio | 0.18 | 1.09 | 0.64 | 0.83 |
| Information Ratio | 1.95 | 1.79 | 0.99 | 0.50 |


## 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* | -0.90 | 0.03 | -0.35 | -2.01 | 10.79 | 7.34 | -0.48 | 1.53 | 9.65 | -1.23 | -1.91 | 71.71 |
| Benchmark | -1.06 | 0.00 | -0.40 | -2.26 | 8.85 | 6.17 | -1.04 | 0.46 | 9.49 | 0.03 | -2.48 | 74.31 |
| Excess Return | 0.16 | 0.03 | 0.04 | 0.25 | 1.94 | 1.16 | 0.56 | 1.07 | 0.16 | -1.26 | 0.57 | -2.60 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.26 | 6.67 | -1.10 | 0.89 | 3.02 | 0.60 | 11.73 | 2.47 | 10.40 | 3.35 |
| Benchmark | 4.09 | 5.99 | 0.45 | 0.53 | 3.26 | 1.06 | 11.16 | 2.12 | 10.74 | 3.54 |
| Excess Return | 1.17 | 0.68 | -1.55 | 0.36 | -0.24 | -0.46 | 0.57 | 0.35 | -0.34 | -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 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.46 | France | 2.9 | 0.10 |
| Italy (Republic of) 2.45% 10/01/2023 | 3.14 | Italy | 2.0 | 0.06 |
| France Government Bond OAT 1.75% 06/25/2039 | 2.99 | France | 15.5 | 0.46 |
| Italy (Republic of) 1.45% 05/15/2025 | 2.34 | Italy | 3.5 | 0.08 |
| Bundesrepublik Deutschland 4.25% 07/04/2039 | 2.23 | Germany | 14.1 | 0.31 |
| Spain Government Bond 1.25% 10/31/2030 | 1.71 | Spain | 8.5 | 0.15 |
| Spain Government Bond 5.9% 07/30/2026 | 1.68 | Spain | 4.4 | 0.07 |
| Spain Government Bond 6% 01/31/2029 | 1.49 | Spain | 6.2 | 0.09 |
| Italy (Republic of) 1.35% 04/01/2030 | 1.46 | Italy | 8.0 | 0.12 |
| China Development Bank Corp 0.375% 11/16/2021 | 1.44 | China | 0.1 | 0.00 |
| Total (%) | 21.93 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Sovereign	44.96	57.03
Industrials	16.65	11.91
Financial	16.18	7.58
Quasi & Foreign Gvt	11.77	15.46
Utility	5.09	1.91
Covered	2.24	6.06
Cash	3.12	0.00
6
5
4
3
2
1
Sovereign
Quasi &
Foreign Gvt
Industrials
Financial
Utility
Covered
0
Port.	4.3	1.0	0.8	0.6	0.2	0.1
Bench.	4.9	1.2	0.7	0.3	0.1	0.3

## Geographical Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| France | 22.19 | 22.92 |
| Italy | 17.21 | 14.88 |
| Spain | 16.97 | 10.62 |
| Germany | 8.09 | 18.30 |
| United States | 5.00 | 4.08 |

Portugal	4.67	0.08
Netherlands	3.85	5.04
Belgium	3.36	4.01
China	2.95	0.23
Supra National	2.45	5.99
Other	10.13	10.35
Cash	3.12	0.00

## Contribution to Duration by Geography
2.0
1.6
1.2
0.8
0.4
Germany
France
Italy
Spain
Belgium
Portugal
Austria
Netherlands
United
States
Other
0.0
Port.	1.4	1.3	1.1	1.1	0.4	0.3	0.2	0.2	0.2	0.7
Bench. 1.4	1.8	1.1	0.8	0.4	-	0.3	0.4	0.2	1.2

## Maturity Breakdown (%)
24
20
16
12
8
4
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	3.12	4.11	17.03	16.02	10.35	21.27	16.83	11.28
Benchmark	-	0.07	20.63	19.77	16.30	17.16	16.63	9.44

## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
| Portfolio | 9.70 | 19.84 | 13.84 | 49.40 | 4.10 | 3.12 |
| --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 23.81 | 31.53 | 14.21 | 30.08 | 0.37 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
EUR
Portfolio	100.00
Benchmark	100.00

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

Wertentwicklung (EUR)
116
112
108
104
100
96
Aktueller NAV
Acc

### 171.47
Nettovermögen (M)
EUR

### 545.06

## Benchmark
Schon seit: 06/09/2005
100% FTSE EuroBIG All Mat

## Fondsindikatoren
| Durchschnittliches Rating (Linear) | Port. A- | Bench. A+ |
| --- | --- | --- |
| Mod. Duration | 6.98 | 7.59 |
| Mod. Duration To Worst | 6.98 | 7.59 |
| Yield-to-Worst (%) | 0.22 | 0.08 |
| Anzahl Positionen | 185 | 5668 |
| Anzahl Emittenten | 98 | 682 |
| Fonds-Profile |  |  |
| ESG-Rating |  |  |
| Relatives ESG Rating |  |  |

28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (10.79%)	Benchmark (8.85%)
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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 94.7% Benchmark = 98.1% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 2.43 | 3.95 | 3.54 | 3.69 |
| Benchmark Volatilität (%) | 2.66 | 3.91 | 3.50 | 3.51 |
| Relatives Risiko/Tracking Error  (%) | 0.52 | 0.60 | 0.69 | 0.69 |
| Sharpe Ratio | 0.18 | 1.09 | 0.64 | 0.83 |
| Information Ratio | 1.95 | 1.79 | 0.99 | 0.50 |


## 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 | -1.91 | -1.23 | 9.65 | 1.53 | -0.48 |  |
|  | Netto-Wertentwicklung | -1.91 | -1.23 | 9.65 | 1.53 | -0.48 |  |

-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* | -0.90 | 0.03 | -0.35 | -2.01 | 10.79 | 7.34 | -0.48 | 1.53 | 9.65 | -1.23 | -1.91 | 71.71 |
| Benchmark | -1.06 | 0.00 | -0.40 | -2.26 | 8.85 | 6.17 | -1.04 | 0.46 | 9.49 | 0.03 | -2.48 | 74.31 |
| Abstände | 0.16 | 0.03 | 0.04 | 0.25 | 1.94 | 1.16 | 0.56 | 1.07 | 0.16 | -1.26 | 0.57 | -2.60 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.26 | 6.67 | -1.10 | 0.89 | 3.02 | 0.60 | 11.73 | 2.47 | 10.40 | 3.35 |
| Benchmark | 4.09 | 5.99 | 0.45 | 0.53 | 3.26 | 1.06 | 11.16 | 2.12 | 10.74 | 3.54 |
| Abstände | 1.17 | 0.68 | -1.55 | 0.36 | -0.24 | -0.46 | 0.57 | 0.35 | -0.34 | -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 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.46	Frankreich	2.9 | 0.10 |
| Italy (Republic of) 2.45% 10/01/2023 | 3.14	Italien	2.0 | 0.06 |
| France Government Bond OAT 1.75% 06/25/2039 | 2.99	Frankreich	15.5 | 0.46 |
| Italy (Republic of) 1.45% 05/15/2025 | 2.34	Italien	3.5 | 0.08 |
| Bundesrepublik Deutschland 4.25% 07/04/2039 | 2.23	Deutschland	14.1 | 0.31 |
| Spain Government Bond 1.25% 10/31/2030 | 1.71	Spanien	8.5 | 0.15 |
| Spain Government Bond 5.9% 07/30/2026 | 1.68	Spanien	4.4 | 0.07 |
| Spain Government Bond 6% 01/31/2029 | 1.49	Spanien	6.2 | 0.09 |
| Italy (Republic of) 1.35% 04/01/2030 | 1.46	Italien	8.0 | 0.12 |
| China Development Bank Corp 0.375% 11/16/2021 | 1.44	China	0.1 | 0.00 |
| Summe (%) | 21.93 |  |
| Sektorengewichtung (%) | Beitrag zur Duration nach Sektor |  |

Portfolio	Benchmark
Sovereign	44.96	57.03
Industrie	16.65	11.91
Finanzen	16.18	7.58
Quasi & Foreign Gvt	11.77	15.46
Versorgungsbetr.	5.09	1.91
Covered	2.24	6.06
Liquide Mittel	3.12	0.00
6
4
2
Sovereign
Quasi & Foreign
Gvt
Industrie
Finanzen
Versorgungsbetr.
Covered
0
Port.	4.3	1.0	0.8	0.6	0.2	0.1
Bench.	4.9	1.2	0.7	0.3	0.1	0.3
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Frankreich | 22.19 | 22.92 |
| Italien | 17.21 | 14.88 |
| Spanien | 16.97 | 10.62 |
| Deutschland | 8.09 | 18.30 |


## Geographische Ausrichtung (%)
Beitrag zur Duration nach Land
2.0
1.6
1.2
0.8
0.4
Deutschland
Frankreich
Italien
Spanien
Belgien
Portugal
Österreich
Niederlande
Vereinigte Staaten
Von Amerika
Sonstige
0.0
| Vereinigte Staaten Von Amerika | 5.00 | 4.08 |  |
| --- | --- | --- | --- |
| Portugal | 4.67 | 0.08 |
| Niederlande | 3.85 | 5.04 |
| Belgien | 3.36 | 4.01 |  | Port. | 1.4 | 1.3	1.1	1.1 | 0.4	0.3	0.2 | 0.2	0.2	0.7 |
| China | 2.95 | 0.23 |  | Bench. | 1.4 | 1.8	1.1	0.8 | 0.4 | - | 0.3 | 0.4	0.2	1.2 |
| Supranational | 2.45 | 5.99 |  |
| Sonstige | 10.13 | 10.35 |
| Liquide Mittel | 3.12 | 0.00 |
| Engagement nach Laufzeit (%) |  |  |

24
20
16
12
8
4
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	3.12	4.11	17.03	16.02	10.35	21.27	16.83	11.28
Benchmark	-	0.07	20.63	19.77	16.30	17.16	16.63	9.44

## Engagement nach Rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Liquide Mittel
| Portfolio | 9.70 | 19.84 | 13.84 | 49.40 | 4.10 | 3.12 |
| --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 23.81 | 31.53 | 14.21 | 30.08 | 0.37 | - |


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