# Performance & Risk
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## Performance Evolution (EUR)
116
112
108
104
100
96
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.7% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.7% Benchmark = 100.0% (not meaningful for coverage below 50%)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (12.65%)	Benchmark (14.21%)
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* (%) | 3.28 | 5.36 | 4.86 | 5.27 |
| Benchmark Volatility (%) | 3.33 | 5.50 | 4.91 | 5.25 |
| Relative Risk/Tracking Error  (%) | 0.48 | 0.36 | 0.35 | 0.85 |
| Sharpe Ratio | 2.42 | 0.97 | 0.65 | 0.50 |
| Information Ratio | -0.62 | 0.84 | 0.56 | 0.36 |
| Rolling Performance (%) |  |  |  |  |
| 1M	3M	6M	YTD	3Y	5Y	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16	Launch |
|  |  |  |  |  |  |  | 30/09/21 | 30/09/20 | 30/09/19 | 30/09/18 | 30/09/17 |  |
| Portfolio* | 0.33 | 2.69 | 2.84 | 3.66 | 12.65 | 10.68 | 6.76 | -1.30 | 6.91 | 0.00 | -1.75 | 50.67 |
| Benchmark | 0.37 | 2.89 | 3.26 | 4.59 | 14.21 | 13.78 | 7.85 | -1.40 | 7.41 | 0.94 | -1.31 | 59.28 |
| Excess Return | -0.04 | -0.20 | -0.42 | -0.93 | -1.56 | -3.10 | -1.09 | 0.10 | -0.50 | -0.94 | -0.44 | -8.61 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.99 | 6.46 | -2.46 | 0.82 | 3.55 | 1.45 | 5.90 | -4.36 | 10.91 | -0.09 |
| Benchmark | 3.13 | 6.57 | -1.46 | 1.40 | 3.78 | 0.81 | 5.29 | -3.90 | 10.96 | -0.94 |
| Excess Return | -0.14 | -0.11 | -1.00 | -0.57 | -0.24 | 0.64 | 0.61 | -0.46 | -0.06 | 0.85 |
| 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 | 5.24 | France | 2.9 | 0.15 |
| Italy (Republic of) 0.1% 05/15/2023 | 4.94 | Italy | 1.6 | 0.08 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.83 | France | 5.7 | 0.28 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.47 | Germany | 8.6 | 0.38 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.11 | Italy | 12.4 | 0.51 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.11 | France | 17.0 | 0.70 |
| Italy (Republic of) 2.6% 09/15/2023 | 3.88 | Italy | 1.9 | 0.08 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.73 | Germany | 4.6 | 0.17 |
| Italy (Republic of) 1.3% 05/15/2028 | 3.65 | Italy | 6.4 | 0.23 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.56 | Italy | 16.8 | 0.60 |
| Total (%) | 42.51 |  |  |  |

Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	99.68	100.00	10
Cash	0.32	0.00	8
6
4
2
0
Treasury
Port.	7.9
Bench.	8.7

## Geographical Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| France | 42.33 | 42.93 |
| Italy | 31.21 | 30.27 |
| Germany | 14.88 | 14.89 |
| Spain | 11.27 | 11.92 |
| Cash | 0.32 | 0.00 |


## Contribution to Duration by Geography
5
4
3
2
1
0
|  | France | Italy | Germany | Spain | Other |
| --- | --- | --- | --- | --- | --- |
|  | Port. | 3.8 | 2.4 | 1.2 | 0.8 | -0.3 |

-1
Bench.	3.9	2.5	1.4	0.8	-

## Maturity Breakdown (%)
30
25
20
15
10
5
0	Cash	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
| Portfolio | 0.32 | 23.61 | 14.14 | 13.64 | 15.73 | 25.57 | 6.99 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 20.18 | 14.45 | 13.67 | 19.46 | 25.33 | 6.91 |


## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Cash
| Portfolio | 14.88 | 42.33 | 5.50 | 36.97 | 0.32 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 14.89 | 42.93 | 6.23 | 35.96 | - |


## 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)
Relatives ESG Rating
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 99.7% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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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
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.7% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Portfolio* (12.65%)	Benchmark (14.21%)
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* (%) | 3.28 | 5.36 | 4.86 | 5.27 |
| Benchmark Volatilität (%) | 3.33 | 5.50 | 4.91 | 5.25 |
| Relatives Risiko/Tracking Error  (%) | 0.48 | 0.36 | 0.35 | 0.85 |
| Sharpe Ratio | 2.42 | 0.97 | 0.65 | 0.50 |
| Information Ratio | -0.62 | 0.84 | 0.56 | 0.36 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

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 | -1.75 | - | 6.91 | -1.30 | 6.76 |  |
|  | Netto-Wertentwicklung | -4.61 | - | 6.91 | -1.30 | 6.76 |  |

-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* | 0.33 | 2.69 | 2.84 | 3.66 | 12.65 | 10.68 | 6.76 | -1.30 | 6.91 | 0.00 | -1.75 | 50.67 |
| Benchmark | 0.37 | 2.89 | 3.26 | 4.59 | 14.21 | 13.78 | 7.85 | -1.40 | 7.41 | 0.94 | -1.31 | 59.28 |
| Abstände | -0.04 | -0.20 | -0.42 | -0.93 | -1.56 | -3.10 | -1.09 | 0.10 | -0.50 | -0.94 | -0.44 | -8.61 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.99 | 6.46 | -2.46 | 0.82 | 3.55 | 1.45 | 5.90 | -4.36 | 10.91 | -0.09 |
| Benchmark | 3.13 | 6.57 | -1.46 | 1.40 | 3.78 | 0.81 | 5.29 | -3.90 | 10.96 | -0.94 |
| Abstände | -0.14 | -0.11 | -1.00 | -0.57 | -0.24 | 0.64 | 0.61 | -0.46 | -0.06 | 0.85 |

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 | 5.24 | Frankreich | 2.9 | 0.15 |
| Italy (Republic of) 0.1% 05/15/2023 | 4.94 | Italien | 1.6 | 0.08 |
| France Government Bond OAT 1.85% 07/25/2027 | 4.83 | Frankreich | 5.7 | 0.28 |
| German Inflation Linked Bond 0.5% 04/15/2030 | 4.47 | Deutschland | 8.6 | 0.38 |
| Italy (Republic of) 2.35% 09/15/2035 | 4.11 | Italien | 12.4 | 0.51 |
| France Government Bond OAT 1.8% 07/25/2040 | 4.11 | Frankreich | 17.0 | 0.70 |
| Italy (Republic of) 2.6% 09/15/2023 | 3.88 | Italien | 1.9 | 0.08 |
| German Inflation Linked Bond 0.1% 04/15/2026 | 3.73 | Deutschland | 4.6 | 0.17 |
| Italy (Republic of) 1.3% 05/15/2028 | 3.65 | Italien | 6.4 | 0.23 |
| Italy (Republic of) 2.55% 09/15/2041 | 3.56 | Italien | 16.8 | 0.60 |
| Summe (%) | 42.51 |  |  |  |
| Sektorengewichtung (%) |  | Beitrag zur Duration | nach Sektor |  |

Portfolio	Benchmark
Treasury	99.68	100.00	10
Liquide Mittel	0.32	0.00	8
6
4
2
0
Treasury
Port.	7.9
Bench.	8.7

## Geographische Ausrichtung (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Frankreich | 42.33 | 42.93 |
| Italien | 31.21 | 30.27 |
| Deutschland | 14.88 | 14.89 |
| Spanien | 11.27 | 11.92 |
| Liquide Mittel | 0.32 | 0.00 |


## Beitrag zur Duration nach Land
5
4
3
2
1
0
Frankreich
Italien
Deutschland
Spanien
Sonstige
-1
Port.	3.8	2.4	1.2	0.8	-0.3
Bench.	3.9	2.5	1.4	0.8	-

## Engagement nach Laufzeit (%)
30
25
20
15
10
5
0	Liquide Mittel	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
| Portfolio | 0.32 | 23.61 | 14.14 | 13.64 | 15.73 | 25.57 | 6.99 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 20.18 | 14.45 | 13.67 | 19.46 | 25.33 | 6.91 |


## Engagement nach Rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	Liquide Mittel
| Portfolio | 14.88 | 42.33 | 5.50 | 36.97 | 0.32 |
| --- | --- | --- | --- | --- | --- |
| Benchmark | 14.89 | 42.93 | 6.23 | 35.96 | - |


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