# Performance & Risk
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## Performance Evolution (EUR)
100.2
100.0
99.8
99.6
99.4
99.2
EUR

### 187.42
Linear Average Rating	A-
% of 10 first lines	21.76
Weighted Average Maturity	13
Current yield	-0.04
Number of Holdings	83
Number of Issuers	55

## Fund Profile
ESG Rating
26/02/21
28/04/21
28/06/21
28/08/21
28/10/21
28/12/21 28/02/22
Portfolio* (-0.73%)	Benchmark (-0.58%)
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 = 99.8% (not meaningful for coverage below 50%) |
| --- | --- |
| Risk Analysis |  |  |  |  |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y |  |
| Portfolio Volatility* (%) | 0.57 | 0.39 | 0.32 | 0.43 | 0.27 | 0.73 | 0.57 |  |
| Benchmark Volatility (%) | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 0.02 | 0.03 |  |
| Relative Risk/Tracking Error  (%) | 0.56 | 0.39 | 0.31 | 0.43 | 0.27 | 0.73 | 0.57 |  |
| Sharpe Ratio | -6.80 | -1.31 | -1.87 | -3.91 | -0.33 | 0.42 | 0.47 |  |
| Information Ratio | -6.83 | -1.13 | -1.64 | -3.79 | -0.01 | 0.47 | 0.51 |  |


## 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* | -0.36 | -0.29 | -0.62 | -0.38 | -0.88 | -1.51 | -0.73 | 0.04 | -0.19 | -0.43 | -0.20 | 3.04 |
| Benchmark | -0.04 | -0.14 | -0.29 | -0.09 | -1.47 | -2.18 | -0.58 | -0.48 | -0.41 | -0.37 | -0.36 | -1.33 |
| Excess Return | -0.31 | -0.15 | -0.33 | -0.29 | 0.58 | 0.67 | -0.15 | 0.52 | 0.22 | -0.06 | 0.16 | 4.37 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 |
| Benchmark | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 |
| Excess Return | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 |

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 |  |
| --- | --- |
| Sector Breakdown (%) |  |  | Securities Exposure by geographical area (%) |  |
|  | 28/02/2022 |  |  | Portfolio |
| Banking | 47.19 |  | France | 33.57 |
| Utility | 9.80 |  | Germany | 15.84 |
| Cash and misc. | 9.29 |  | Spain | 8.42 |
| Telecommunications | 5.83 |  | Canada | 6.43 |
| Services | 5.42 |  | Finland | 5.92 |
| Capital Goods | 4.71 |  | Netherlands | 5.74 |
| Automotive | 4.09 |  | United States | 5.09 |
| Financial Services | 3.72 |  | Italy | 4.61 |
| Energy | 2.38 |  | Belgium | 4.14 |
| Technology & Electronics | 1.93 |  | Switzerland | 3.18 |
| Basic Industry | 1.41 |  | Norway | 2.82 |
| Retail | 1.07 |  | Australia | 2.19 |
| Consumer Goods | 1.07 |  | Great Britain | 1.08 |
| Real Estate | 1.07 |  | Austria | 0.98 |
| Transportation | 0.82 |  | Others | -0.01 |
| Sovereign | 0.21 |  |  |  |
| Not Classified | 0.00 |  |  |  |


## Instrument Type Breakdown (%)
100
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80
60
40
20
| 0 | Fixed rate bonds | Money Market Fund | Variable rate bonds | CP&MTN | Deposit & Liquidity |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 83.48 | 9.10 | 4.88 | 2.35 | 0.19 |


## Rating / Maturity Exposure Breakdown (%)
|  | A | AA | BBB | NR | Total |
| --- | --- | --- | --- | --- | --- |
| 0 - 1 day | 0.12 |  | 1.44 | 0.06 | 1.63 |
| 1 day - 1 week |  |  | 1.08 |  | 1.08 |
| 1 week - 1 month |  |  | 4.77 |  | 4.77 |
| 1 - 3 months |  | 0.13 |  |  | 0.13 |
| 3 - 6 months | 11.39 | 0.08 | 1.43 |  | 12.90 |
| 6 months - 1 year | 14.44 | 2.42 | 6.85 |  | 23.72 |
| 12 - 18 months | 16.00 | 4.85 | 8.78 |  | 29.63 |
| > 18 months | 16.93 | 2.13 | 7.09 |  | 26.15 |
| Total | 58.88 | 9.61 | 31.44 | 0.06 |  |

Evolution of Average Maturity (Years)
1.50
1.20
0.90
0.60
0.30
0.00
September 2021	October 2021	November 2021	December 2021	January 2022	February 2022
Average maturity	1.18	1.24	1.16	1.07	1.11	1.10

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
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Wertentwicklung (EUR)
100.2
100.0
99.8
99.6
99.4
99.2
187.42
% von 10 der ersten Linien	21.76
Gewichtete Durchschnittl. Laufzeit	13
Laufende Verzinsung	-0.04
Anzahl Positionen	83
Anzahl Emittenten	55

## Fonds-Profile
ESG-Rating
26/02/21
28/04/21
28/06/21
28/08/21
28/10/21
28/12/21 28/02/22
Portfolio* (-0.73%)	Benchmark (-0.58%)
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 = 99.8% (nicht bedeutend bei einer Abdeckung von weniger als 50 %) |
| --- | --- |
| Risikoanalyse |  |  |  |  |  |  |  |  |
|  | 1M | 3M | 6M | YTD | 1J | 3J | 5J |  |
| Portfolio Volatilität* (%) | 0.57 | 0.39 | 0.32 | 0.43 | 0.27 | 0.73 | 0.57 |  |
| Benchmark Volatilität (%) | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 0.02 | 0.03 |  |
| Relatives Risiko/Tracking Error  (%) | 0.56 | 0.39 | 0.31 | 0.43 | 0.27 | 0.73 | 0.57 |  |
| Sharpe Ratio | -6.80 | -1.31 | -1.87 | -3.91 | -0.33 | 0.42 | 0.47 |  |
| Information Ratio | -6.83 | -1.13 | -1.64 | -3.79 | -0.01 | 0.47 | 0.51 |  |


## 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* | -0.36 | -0.29 | -0.62 | -0.38 | -0.88 | -1.51 | -0.73 | 0.04 | -0.19 | -0.43 | -0.20 | 3.04 |
| Benchmark | -0.04 | -0.14 | -0.29 | -0.09 | -1.47 | -2.18 | -0.58 | -0.48 | -0.41 | -0.37 | -0.36 | -1.33 |
| Abstände | -0.31 | -0.15 | -0.33 | -0.29 | 0.58 | 0.67 | -0.15 | 0.52 | 0.22 | -0.06 | 0.16 | 4.37 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -0.40 | -0.05 | 0.03 | -0.53 | -0.19 | 0.14 | 0.05 | 0.81 | 0.69 | 1.79 |
| Benchmark | -0.57 | -0.47 | -0.40 | -0.37 | -0.36 | -0.32 | -0.11 | 0.10 | 0.09 | 0.24 |
| Abstände | 0.18 | 0.42 | 0.42 | -0.17 | 0.17 | 0.46 | 0.15 | 0.71 | 0.60 | 1.55 |

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 |  |
| --- | --- |
| Sektorengewichtung (%) |  |  | Geographische Ausrichtung (%) |  |
|  | 28/02/2022 |  |  | Portfolio |
| Bankgeschäfte | 47.19 |  | Frankreich | 33.57 |
| Versorgungsbetr. | 9.80 |  | Deutschland | 15.84 |
| Cash und sonstiges | 9.29 |  | Spanien | 8.42 |
| Telekommunikation | 5.83 |  | Kanada | 6.43 |
| Services | 5.42 |  | Finnland | 5.92 |
| Investitionsgüter | 4.71 |  | Niederlande | 5.74 |
| Automobil | 4.09 |  | Vereinigten Staaten | 5.09 |
| Finanzdienstleistungen | 3.72 |  | Italien | 4.61 |
| Energie | 2.38 |  | Belgien | 4.14 |
| Technol. und Elektr. | 1.93 |  | Schweiz | 3.18 |
| Basisindustrie | 1.41 |  | Norwegen | 2.82 |
| Retail | 1.07 |  | Australien | 2.19 |
| Consumer Goods | 1.07 |  | Großbritannien | 1.08 |
| Immobilien | 1.07 |  | Österreich | 0.98 |
| Transportation | 0.82 |  | Sonstige | -0.01 |
| Sovereign | 0.21 |  |  |  |
| Ohne Zuordnung | 0.00 |  |  |  |


## Titelstruktur (%)
100
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80
60
40
20
| 0 | Festverz. Wpe | Money Market Funds | Floater | Kurzläufer | Geldeinlage und Liquidität |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 83.48 | 9.10 | 4.88 | 2.35 | 0.19 |

| Aufteilung nach rating / laufzeit (%) |  |
| --- | --- |
|  | A | AA | BBB | NR | Totaal |
| 0 - 1 tag | 0.12 |  | 1.44 | 0.06 | 1.63 |
| 1 tag - 1 woche |  |  | 1.08 |  | 1.08 |
| 1 woche - 1 monat |  |  | 4.77 |  | 4.77 |
| 1 - 3 monate |  | 0.13 |  |  | 0.13 |
| 3 - 6 monate | 11.39 | 0.08 | 1.43 |  | 12.90 |
| 6 monate - 1 jahre | 14.44 | 2.42 | 6.85 |  | 23.72 |
| 12 - 18 monate | 16.00 | 4.85 | 8.78 |  | 29.63 |
| > 18 monate | 16.93 | 2.13 | 7.09 |  | 26.15 |
| Total | 58.88 | 9.61 | 31.44 | 0.06 |  |


## Entwicklung der Durchschnittslaufzeit (Jahre)
1.50
1.20
0.90
0.60
0.30
0.00
September 2021	Oktober 2021	November 2021	Dezember 2021	Januar 2022	Februar 2022
Durchschnittslaufzeit	1.18	1.24	1.16	1.07	1.11	1.10