# Performance & Risk
## Performance Evolution (EUR)
Assets Under Management (M)
USD
448.86
Port.	Bench.
Linear Average Rating	BB	BB+
| Mod. Duration | 6.85 | 7.85 |
| --- | --- | --- |
| Mod. Duration To Worst | 6.87 | 7.86 |
| Yield To Worst (%) | 5.35 | 4.54 |
| Number of Holdings | 157 | 953 |
| Number of Issuers | 100 | 84 |


## Fund Profile
ESG Rating
ESG Relative Rating
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (13.94%)	Benchmark (10.80%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 84.3% Benchmark = 92.3% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 4.81 | 12.16 | 10.09 | 9.15 |
| Benchmark Volatility (%) | 4.92 | 10.85 | 9.04 | 9.22 |
| Relative Risk/Tracking Error  (%) | 1.85 | 2.09 | 1.72 | 1.75 |
| Sharpe Ratio | 1.25 | 0.47 | 0.30 | 0.55 |
| Information Ratio | 1.27 | 0.91 | 0.59 | 0.39 |


## 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* | -2.00 | -0.87 | 2.73 | -1.98 | 13.94 | 9.07 | 4.65 | 0.68 | 8.14 | -6.14 | 1.98 | 99.98 |
| Benchmark | -2.18 | -0.93 | 2.87 | -2.06 | 10.80 | 8.57 | 3.25 | -0.75 | 8.12 | -4.44 | 2.55 | 103.90 |
| Excess Return | 0.18 | 0.06 | -0.14 | 0.07 | 3.14 | 0.49 | 1.41 | 1.42 | 0.02 | -1.69 | -0.57 | -3.92 |

Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.09 | 13.34 | -8.85 | 7.92 | 8.25 | 0.47 | 5.85 | -7.20 | 15.37 | 7.50 |
| Benchmark | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 | 7.39 |
| Excess Return | 1.59 | 1.68 | -1.81 | -0.29 | -0.07 | -0.27 | -1.24 | -1.63 | -1.45 | 0.12 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.64 | Egypt | 6.7 | 0.18 |
| AXA WF Asian High Yield Bonds | 2.00 | France | 1.7 | 0.03 |
| Ecuador (Republic of) 1% 07/31/2035 | 1.92 | Ecuador | 8.2 | 0.16 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.85 | Kazakhstan | 14.2 | 0.26 |
| Oman Govt International Bond 7% 01/25/2051 | 1.59 | Oman | 11.9 | 0.19 |
| Ghana Government International 8.95% 03/26/2051 | 1.53 | Ghana | 9.6 | 0.15 |
| Colombia (Republic of) 5% 06/15/2045 | 1.44 | Colombia | 13.3 | 0.19 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 1.36 | Ukraine | 6.5 | 0.09 |
| Ivory Coast (Republic of) 6.625% 03/22/2048 | 1.35 | Ivory Coast | 11.8 | 0.16 |
| Serbia International Bond 1% 09/23/2028 | 1.33 | Serbia | 6.7 | 0.09 |
| Total (%) | 17.01 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 41.32 | 79.53 |
| --- | --- | --- |
| Energy | 11.84 | 8.66 |
| Sovereign | 6.44 | 0.00 |
| Banking | 5.32 | 0.38 |

8
6
4
2
External
sovereign credit
Energy
Basic Industry
Agency
Banking
Media
Real Estate
Technology &
Electronics
Consumer
Goods
Other
| Basic Industry | 3.79 | 2.08 |  |
| --- | --- | --- | --- |
| Financial Services | 3.41 | 0.81 |
| Consumer Goods | 3.08 | 0.06 |
| Real Estate | 2.90 | 0.03 |  | Port.	4.1	1.0	0.3	0.3	0.2	0.2	0.2	0.2	0.1 | 0.4 |
| Technology & Electronics | 2.79 | 0.00 |  | Bench. 6.3	0.8	0.2	0.1	-	-	-	-	- | 0.4 |
| Agency | 2.55 | 2.91 |  |  |  |
| Other | 13.16 | 5.54 |  |  |  |
| Cash | 3.42 | 0.00 |  |  |  |

0

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
5
Brazil	6.06	2.97	6
| China | 5.32 | 4.37 |
| --- | --- | --- |
| Turkey | 4.20 | 3.52 |

Mexico	5.87	4.83	4
3
2
Mexico
Indonesia
Kazakhstan
Brazil
Colombia
Arab
Emirates
Turkey
South
Africa
China
Other
| Egypt | 3.98 | 2.56 |  | 0 |  |
| --- | --- | --- | --- | --- | --- |
| Indonesia | 3.72 | 4.62 |  |  |
| Ukraine | 3.41 | 2.52 |  |  |
| Russia | 3.32 | 3.34 |  |  | Port.	0.6	0.4	0.3	0.3	0.3	0.3	0.2 | 0.2 | 0.2 | 4.1 |
| Kazakhstan | 2.87 | 2.47 |  |  | Bench. 0.5	0.4	0.2	0.2	0.3	0.4	0.2 | 0.2 | 0.2 | 5.4 |
| Argentina | 2.83 | 1.17 |  |  |  |  |  |  |
| Other | 54.98 | 59.27 |  |  |  |  |  |  |
| Cash | 3.42 | 0.00 |  |  |  |  |  |  |

1

## 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 | 3.42 | 1.82 | 3.29 | 15.44 | 12.57 | 28.66 | 10.43 | 24.37 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 1.81 | 13.05 | 14.90 | 13.41 | 16.68 | 13.27 | 26.87 |


## Rating Breakdown (%)
40
30
20
10
0	AA	A	BBB	BB	B	CCC	NR	CC	Cash
| Portfolio | 1.97 | 2.60 | 29.54 | 26.51 | 30.77 | 3.66 | 0.83 | 0.71 | 3.42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 7.13 | 13.89 | 31.99 | 19.90 | 22.28 | 4.09 | 0.23 | 0.49 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	RUB	EGP	RSD	EUR	UAH	ARS	BRL	UZS	GBP	CNY	HKD	PEN	Other
| Portfolio	92.68	1.44 | 1.22 | 1.12 | 0.96 | 0.92 | 0.82 | 0.73 | 0.44 | 0.41 | 0.39 | 0.05 | 0.04 | 0.01 | 0.01 | -1.25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00	- | - | - | - | - | - | - | - | - | - | - | - | - | - | - |

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Nettovermögen (M)
USD
448.86
(Linear)
| Port. | Bench. |
| --- | --- |
| Durchschnittliches Rating	BB | BB+ |
| Mod. Duration	6.85 | 7.85 |
| Mod. Duration To Worst	6.87 | 7.86 |
| Yield-to-Worst (%)	5.35 | 4.54 |
| Anzahl Positionen	157 | 953 |
| Anzahl Emittenten	100 | 84 |


## 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* (13.94%)	Benchmark (10.80%)
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 = 84.3% Benchmark = 92.3% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 4.81 | 12.16 | 10.09 | 9.15 |
| Benchmark Volatilität (%) | 4.92 | 10.85 | 9.04 | 9.22 |
| Relatives Risiko/Tracking Error  (%) | 1.85 | 2.09 | 1.72 | 1.75 |
| Sharpe Ratio | 1.25 | 0.47 | 0.30 | 0.55 |
| Information Ratio | 1.27 | 0.91 | 0.59 | 0.39 |


## Wertentwicklung (Brutto, Netto in %)
12
8
4
0
-4
|  | 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 | 1.98 | -6.14 | 8.14 | 0.68 | 4.65 |  |
|  | Netto-Wertentwicklung | 1.98 | -6.14 | 8.14 | 0.68 | 4.65 |  |

-8
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* | -2.00 | -0.87 | 2.73 | -1.98 | 13.94 | 9.07 | 4.65 | 0.68 | 8.14 | -6.14 | 1.98 | 99.98 |
| Benchmark | -2.18 | -0.93 | 2.87 | -2.06 | 10.80 | 8.57 | 3.25 | -0.75 | 8.12 | -4.44 | 2.55 | 103.90 |
| Abstände | 0.18 | 0.06 | -0.14 | 0.07 | 3.14 | 0.49 | 1.41 | 1.42 | 0.02 | -1.69 | -0.57 | -3.92 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.09 | 13.34 | -8.85 | 7.92 | 8.25 | 0.47 | 5.85 | -7.20 | 15.37 | 7.50 |
| Benchmark | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | 7.09 | -5.58 | 16.82 | 7.39 |
| Abstände | 1.59 | 1.68 | -1.81 | -0.29 | -0.07 | -0.27 | -1.24 | -1.63 | -1.45 | 0.12 |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.64	Ägypten	6.7 | 0.18 |
| AXA WF Asian High Yield Bonds | 2.00	Frankreich	1.7 | 0.03 |
| Ecuador (Republic of) 1% 07/31/2035 | 1.92	Ecuador	8.2 | 0.16 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.85	Kasachstan	14.2 | 0.26 |
| Oman Govt International Bond 7% 01/25/2051 | 1.59	Oman	11.9 | 0.19 |
| Ghana Government International 8.95% 03/26/2051 | 1.53	Ghana	9.6 | 0.15 |
| Colombia (Republic of) 5% 06/15/2045 | 1.44	Kolumbien	13.3 | 0.19 |
| Ukraine (Republic of) 4.375% 01/27/2030 | 1.36	Ukraine	6.5 | 0.09 |
| Ivory Coast (Republic of) 6.625% 03/22/2048 | 1.35	Elfenbeinküste	11.8 | 0.16 |
| Serbia International Bond 1% 09/23/2028 | 1.33	Serbien	6.7 | 0.09 |
| Summe (%) | 17.01 |  |
| Sektorengewichtung (%) | Beitrag zur Duration nach Sektor |  |
| Portfolio | Benchmark |  |

| External sovereign credit | 41.32 | 79.53 |
| --- | --- | --- |
| Energie | 11.84 | 8.66 |
| Staatgarantie | 6.44 | 0.00 |
| Bankgeschäfte | 5.32 | 0.38 |

8
6
4
2
External
sovereign credit
Energie
Basisindustrie
Dienststelle
Bankgeschäfte
Media
Regular
Pfandbriefe
Technol. und
Elektr.
Verbraucher
Sonstige
| Basisindustrie | 3.79 | 2.08 |  |
| --- | --- | --- | --- |
| Finanzdienstleistungen | 3.41 | 0.81 |
| Verbraucher | 3.08 | 0.06 |
| Regular Pfandbriefe | 2.90 | 0.03 |  | Port.	4.1	1.0	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.4 |
| Technol. und Elektr. | 2.79 | 0.00 |  | Bench. 6.3	0.8	0.2	0.1	0.4 |
| Dienststelle | 2.55 | 2.91 |  |  |
| Sonstige | 13.16 | 5.54 |  |  |
| Liquide Mittel | 3.42 | 0.00 |  |  |

0

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio	Benchmark
Brasilien	6.06	2.97
Mexiko	5.87	4.83
China	5.32	4.37
Türkei	4.20	3.52
Ägypten	3.98	2.56
Indonesien	3.72	4.62
Ukraine	3.41	2.52
Russland	3.32	3.34
Kasachstan	2.87	2.47
Argentinien	2.83	1.17
Sonstige	54.98	59.27
Liquide Mittel	3.42	0.00
6
5
4
3
2
1
Mexiko
Indonesien
Kasachstan
Brasilien
Kolumbien
Arabische
Emirate
Türkei
Südafrika
China
Sonstige
0
Port.	0.6	0.4	0.3	0.3	0.3	0.3	0.2	0.2	0.2	4.1
Bench. 0.5	0.4	0.2	0.2	0.3	0.4	0.2	0.2	0.2	5.4

## 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	3.42	1.82	3.29	15.44	12.57	28.66	10.43	24.37
Benchmark	-	1.81	13.05	14.90	13.41	16.68	13.27	26.87

## Engagement nach Rating (%)
40
30
20
10
0	AA	A	BBB	BB	B	CCC	NR	CC	Liquide
Mittel
Portfolio	1.97	2.60	29.54	26.51	30.77	3.66	0.83	0.71	3.42
Benchmark	7.13	13.89	31.99	19.90	22.28	4.09	0.23	0.49	-

## Engagement nach Währung (%)
125
100
75
50
25
0
USD
MXN
UYU
RUB
EGP
RSD
EUR
UAH
ARS
BRL
UZS
GBP
CNY
HKD
PEN
Sonstige
-25
| Portfolio	92.68	1.44	1.22 | 1.12 | 0.96 | 0.92 | 0.82 | 0.73 | 0.44 | 0.41 | 0.39 | 0.05 | 0.04 | 0.01 | 0.01 | -1.25 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00	-	- | - | - | - | - | - | - | - | - | - | - | - | - | - |