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

### 395.30
Number of Holdings	192
Number of Issuers	106

## Fund Profile
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
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 94.4% (not meaningful for coverage below 50%)
Portfolio* (16.89%)
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* (%) | 2.62 | 7.03 | 5.69 | 5.66 |
| Sharpe Ratio | -0.40 | 0.90 | 0.78 | 0.79 |


## 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* | -2.62 | -1.24 | -2.54 | -2.90 | 16.89 | 18.45 | -2.18 | 8.73 | 9.90 | -2.75 | 4.20 | 26.87 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.02 | 7.72 | 11.26 | -3.72 | 4.70 | 9.13 | - | - | - | - |

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 |
| Telefonica Europe BV VAR PERP | 2.03 | Spain | 1.7 | 0.03 |
| Just Retirement Group PLC VAR PERP | 1.92 | United Kingdom | 7.0 | 0.13 |
| Total SA VAR PERP | 1.91 | France | 2.0 | 0.04 |
| Repsol International Finance BV VAR 03/25/2075 | 1.55 | Spain | 2.7 | 0.04 |
| HSBC Holdings PLC VAR PERP | 1.52 | United Kingdom | 0.5 | 0.01 |
| Vodafone Group PLC VAR 01/03/2079 | 1.41 | United Kingdom | 1.8 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 1.40 | France | 1.6 | 0.02 |
| Barclays PLC VAR 06/09/2025 | 1.39 | United Kingdom | 2.2 | 0.03 |
| UniCredit SpA VAR PERP | 1.21 | Italy | 2.9 | 0.04 |
| UniCredit SpA VAR 01/15/2032 | 1.18 | Italy | 4.4 | 0.05 |
| Total (%) | 15.52 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
3
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |
|  |  |
|  |  |

Financial	48.43	2
Industrials	41.29	1
Utility	6.12	0
-1
Sovereign	1.12	-2
Other	1.61	-3
Financial
Industrials
Not
Classified
Utility
Securitized
Sovereign
Cash
Cash	1.43	-4
Port.	1.9	1.8	0.6	0.3	0.1	-3.0	-0.6

## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio
Spain	21.60
Italy	17.71
United Kingdom	15.66
| France | 12.96 |
| --- | --- |
| United States | 7.30 |
| Germany | 5.83 |

1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
| Portugal | 5.18 |  |  | Italy | Spain France | United ingdom | United States ortugal | ustralia | Ireland herlands Other |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ireland | 2.96 |  |  |  |  | K | P | A | Net |
| Australia | 1.99 |  | Port. | 0.8 | 0.8	0.6 | 0.5 | 0.3	0.2 | 0.1 | 0.1	0.1  -2.3 |
| Luxembourg | 1.65 |  |
| Other | 5.72 |
| Cash | 1.43 |
| Maturity Breakdown (%) |  |

-2.5
36
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |

32
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 | 6.43 | 23.69 | 31.21 | 19.14 | 17.08 | 2.28 | 0.18 |


## Rating Breakdown (%)
45
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |

40
35
30
25
20
15
10
5
| 0 | AAA | A | BBB | BB | B | Cash |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.12 | 10.40 | 41.46 | 35.20 | 10.39 | 1.43 |


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

100
80
60
40
20
0
EUR	GBP
Portfolio	94.05	5.95

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
125
120
115
110
105
100
95
EUR
395.30
Mod. Duration	1.11
Mod. Duration To Worst	1.07
Yield-to-Worst (%)	3.56
Anzahl Positionen	192
Anzahl Emittenten	106

## Fonds-Profile
ESG-Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 94.4% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
Portfolio* (16.89%)
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* (%) | 2.62 | 7.03 | 5.69 | 5.66 |
| Sharpe Ratio | -0.40 | 0.90 | 0.78 | 0.79 |


## Wertentwicklung (Brutto, Netto in %)
12
8
4
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 | 4.20 | -2.75 | 9.90 | 8.73 | -2.18 |  |
|  | Netto-Wertentwicklung | 4.20 | -2.75 | 9.90 | 8.73 | -2.18 |  |

-4
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J | 5J | 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 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.62 | -1.24 | -2.54 | -2.90 | 16.89 | 18.45 | -2.18 | 8.73 | 9.90 | -2.75 | 4.20 | 26.87 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.02 | 7.72 | 11.26 | -3.72 | 4.70 | 9.13 | - | - | - | - |

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 |
| Telefonica Europe BV VAR PERP | 2.03 | Spanien | 1.7 | 0.03 |
| Just Retirement Group PLC VAR PERP | 1.92 | Großbritannien | 7.0 | 0.13 |
| Total SA VAR PERP | 1.91 | Frankreich | 2.0 | 0.04 |
| Repsol International Finance BV VAR 03/25/2075 | 1.55 | Spanien | 2.7 | 0.04 |
| HSBC Holdings PLC VAR PERP | 1.52 | Großbritannien | 0.5 | 0.01 |
| Vodafone Group PLC VAR 01/03/2079 | 1.41 | Großbritannien | 1.8 | 0.02 |
| Unibail-Rodamco SE VAR PERP | 1.40 | Frankreich | 1.6 | 0.02 |
| Barclays PLC VAR 06/09/2025 | 1.39 | Großbritannien | 2.2 | 0.03 |
| UniCredit SpA VAR PERP | 1.21 | Italien | 2.9 | 0.04 |
| UniCredit SpA VAR 01/15/2032 | 1.18 | Italien | 4.4 | 0.05 |
| Summe (%) | 15.52 |  |  |  |


## Sektorengewichtung (%)
Portfolio

## Beitrag zur Duration nach Sektor
3
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |
|  |  |  |
|  |  |
|  |  |

Finanzen	48.43	2
Industrie	41.29	1
0
Versorgungsbetr.	6.12	-1
Sovereign	1.12	-2
-3
Finanzen
Industrie
Ohne Zuordnung
Versorgungsbetr.
Securitized
Cash
Sovereign
Sonstige	1.61	-4
Liquide Mittel	1.43
Port.	1.9	1.8	0.6	0.3	0.1	-0.6	-3.0

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio
Spanien	21.60
Italien	17.71
Großbritannien	15.66
Frankreich	12.96
Vereinigte Staaten Von Amerika	7.30
Deutschland	5.83
Portugal	5.18
Irland	2.96
Australien	1.99
Luxemburg	1.65
Sonstige	5.72
Liquide Mittel	1.43
1
0
-1
-2
Italien
Spanien
Frankreich
Großbritannien
Vereinigte Staaten
Von Amerika
Portugal
Australien
Irland
Niederlande
Sonstige
-3
Port. 0.8	0.8	0.6	0.5	0.3	0.2	0.1	0.1	0.1  -2.3

## Engagement nach Laufzeit (%)
36
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |

32
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 | 6.43 | 23.69 | 31.21 | 19.14 | 17.08 | 2.28 | 0.18 |


## Engagement nach Rating (%)
45
|  |  |  |
| --- | --- | --- |
|  |  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |

40
35
30
25
20
15
10
5
| 0 | AAA | A | BBB | BB | B | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.12 | 10.40 | 41.46 | 35.20 | 10.39 | 1.43 |


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

100
80
60
40
20
0
EUR	GBP
Portfolio	94.05	5.95