# Performance & Risk
## Performance Evolution (EUR)
105
100
95
90
85
80
59.67
Linear Average Rating	BB+	BBB
Mod. Duration	4.95	5.65
Mod. Duration To Worst	5.35	5.81
Yield To Worst (%)	4.09	2.06
Number of Holdings	82	396
Number of Issuers	60	83

## Fund Profile
ESG Rating
ESG Relative Rating
03/03/20
31/07/20
31/01/21
31/07/21
31/01/22
Portfolio* (-3.37%)	Benchmark (-1.30%)
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 = 85.3% Benchmark = 91.9% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 3.23 | - | - | 5.61 |
| Benchmark Volatility (%) | 2.12 | - | - | 3.64 |
| Relative Risk/Tracking Error  (%) | 1.98 | - | - | 2.56 |
| Sharpe Ratio | -1.19 | - | - | -0.11 |
| Information Ratio | -0.84 | - | - | -0.17 |


## Rolling Performance (%)
|  | 1M | 3M | 6M | YTD | 3Y	5Y | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Launch |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.44 | -3.51 | -5.40 | -2.44 | -	- | -5.08 | - | - | - | - | -3.37 |
| Benchmark | -1.73 | -1.95 | -3.02 | -1.73 | -	- | -2.72 | - | - | - | - | -1.30 |
| Excess Return | -0.71 | -1.56 | -2.39 | -0.71 | -	- | -2.36 | - | - | - | - | -2.07 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.56 | - | - | - | - | - | - | - | - | - |
| Benchmark | -0.96 | - | - | - | - | - | - | - | - | - |
| Excess Return | -1.60 | - | - | - | - | - | - | - | - | - |

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 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.47 | Colombia | 3.5 | 0.09 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.26 | Philippines | 6.7 | 0.15 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.21 | Chile | 8.7 | 0.19 |
| Senegal (Republic of) 4.75% 03/13/2028 | 2.16 | Senegal | 4.3 | 0.09 |
| Morocco (Kingdom of) 2% 09/30/2030 | 2.16 | Morocco | 7.7 | 0.17 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.15 | Benin | 7.1 | 0.15 |
| Kazakhstan (Republic of) 2.375% 11/09/2028 | 2.14 | Kazakhstan | 6.2 | 0.13 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 2.07 | Ivory Coast | 6.6 | 0.14 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.07 | Mexico | 7.3 | 0.15 |
| Globalworth Real Estate Invt 2.95% 07/29/2026 | 1.99 | Czech Republic | 3.9 | 0.08 |
| Total (%) | 21.68 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
4
External sovereign credit	42.22	50.00	3
Real Estate	15.33	5.08	2
Energy	9.06	9.11	1
External sovereign
credit
Real Estate
Energy
Media
Retail
Banking
Consumer Goods
Telecommunications
Capital Goods
Other
| Banking | 5.60 | 2.75 |  |
| --- | --- | --- | --- |
| Capital Goods | 4.51 | 3.03 |
| Basic Industry | 4.16 | 2.22 |
| Consumer Goods | 3.84 | 1.38 |
| Retail | 2.79 | 0.12 |  | Port.	2.7	0.7	0.3	0.2	0.2	0.1	0.1 | 0.1 | 0.1 | 0.4 |
| Telecommunications | 2.09 | 5.15 |  | Bench. 3.7	0.2	0.3	0.2	-	0.1	0.1 | 0.2 | 0.1 | 0.8 |
| Automotive | 1.93 | 0.48 |  |  |  |  |  |
| Other | 7.87 | 9.97 |  |  |  |  |  |
| Cash | 0.59 | 0.00 |  |  |  |  |  |

0

## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio	Benchmark
Romania	5.80	9.08	4
| South Africa | 5.07 | 2.46 |
| --- | --- | --- |
| Turkey | 5.03 | 1.59 |
| China | 4.85 | 9.43 |

Arab Emirates	5.63	2.32	3
2
1
Indonesia
Romania
Mexico
Ivory
Coast
South
Africa
Arab
Emirates
Czech
Republic
Egypt
Chile
Other
| Mexico | 4.84 | 10.41 |  |
| --- | --- | --- | --- |
| Indonesia | 4.30 | 3.01 |
| Poland | 4.03 | 8.29 |  | Port.	0.4	0.3	0.3	0.3	0.3	0.2	0.2 | 0.2 | 0.2 | 2.6 |
| Ivory Coast | 3.94 | 1.20 |  | Bench. 0.2	0.7	0.6	0.1	0.2	0.1	0.2 | - | 0.2 | 3.3 |
| Brazil | 3.78 | 0.19 |  |
| Other | 52.12 | 28.12 |
| Cash | 0.59 | 0.00 |

0

## Maturity Breakdown (%)
35
30
25
20
15
10
5
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	0.59	3.50	5.27	29.57	23.96	31.64	5.47	-
Benchmark	-	0.97	25.06	23.78	18.96	15.50	11.27	4.47

## Rating Breakdown (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	Cash
Portfolio	-	3.26	4.73	35.82	33.87	21.74	-	-	0.59
Benchmark	0.62	4.95	28.58	43.46	16.11	5.03	1.01	0.24	-

## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
EUR	USD
| Portfolio | 100.58 | -0.58 |
| --- | --- | --- |
| Benchmark | 100.00 | - |

Translation (ENDE, 2022-01-31):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
105
100
95
90
85
80
Mod. Duration	4.95	5.65
Mod. Duration To Worst	5.35	5.81
Yield-to-Worst (%)	4.09	2.06
Anzahl Positionen	82	396
Anzahl Emittenten	60	83

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
03/03/20
31/07/20
31/01/21
31/07/21
31/01/22
Portfolio* (-3.37%)	Benchmark (-1.30%)
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 = 85.3% Benchmark = 91.9% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 3.23 | - | - | 5.61 |
| Benchmark Volatilität (%) | 2.12 | - | - | 3.64 |
| Relatives Risiko/Tracking Error  (%) | 1.98 | - | - | 2.56 |
| Sharpe Ratio | -1.19 | - | - | -0.11 |
| Information Ratio | -0.84 | - | - | -0.17 |


## Wertentwicklung (Brutto, Netto in %)
0
-2
-4
-6	31/01/2021 - 31/01/2022
Brutto-Wertentwicklung	-5.08
Netto-Wertentwicklung	-5.08
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
|  | 1M | 3M | 6M | YTD | 3J	5J | 31/01/21 31/01/22 | 31/01/20 31/01/21 | 31/01/19 31/01/20 | 31/01/18 31/01/19 | 31/01/17 31/01/18 | Auflage |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.44 | -3.51 | -5.40 | -2.44 | -	- | -5.08 | - | - | - | - | -3.37 |
| Benchmark | -1.73 | -1.95 | -3.02 | -1.73 | -	- | -2.72 | - | - | - | - | -1.30 |
| Abstände | -0.71 | -1.56 | -2.39 | -0.71 | -	- | -2.36 | - | - | - | - | -2.07 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.56 | - | - | - | - | - | - | - | - | - |
| Benchmark | -0.96 | - | - | - | - | - | - | - | - | - |
| Abstände | -1.60 | - | - | - | - | - | - | - | - | - |

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 |
| Colombia (Republic of) 3.875% 03/22/2026 | 2.47 | Kolumbien | 3.5 | 0.09 |
| Philippines (Republic of) 0.7% 02/03/2029 | 2.26 | Philippinen | 6.7 | 0.15 |
| Chile (Republic of) 0.83% 07/02/2031 | 2.21 | Chile | 8.7 | 0.19 |
| Senegal (Republic of) 4.75% 03/13/2028 | 2.16 | Senegal | 4.3 | 0.09 |
| Morocco (Kingdom of) 2% 09/30/2030 | 2.16 | Marokko | 7.7 | 0.17 |
| Benin Government Intl Bond 4.875% 01/19/2032 | 2.15 | Benin | 7.1 | 0.15 |
| Kazakhstan (Republic of) 2.375% 11/09/2028 | 2.14 | Kasachstan | 6.2 | 0.13 |
| Ivory Coast (Republic of) 5.875% 10/17/2031 | 2.07 | Elfenbeinküste | 6.6 | 0.14 |
| Mexican (Republic of) 1.125% 01/17/2030 | 2.07 | Mexiko | 7.3 | 0.15 |
| Globalworth Real Estate Invt 2.95% 07/29/2026 | 1.99 | Tschechische Republik | 3.9 | 0.08 |
| Summe (%) | 21.68 |  |  |  |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Industrie | 48.84 | 33.88 |
| Quasi & Foreign Gvt | 43.58 | 57.06 |
| Finanzen | 5.60 | 3.20 |
| Versorgungsbetr. | 1.39 | 5.85 |
| Liquide Mittel | 0.59 | 0.00 |


## Beitrag zur Duration nach Sektor
5
4
3
2
1
0	Quasi &
Foreign Gvt
Industrie	Finanzen	Sonstige
Port.	2.8	2.0	0.1	-
Bench.	4.0	1.3	0.1	0.3

## Geographische Ausrichtung (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Rumänien | 5.80 | 9.08 |
| Arabische Emirate | 5.63 | 2.32 |
| Südafrika | 5.07 | 2.46 |
| Türkei | 5.03 | 1.59 |

Beitrag zur Duration nach Land
4
3
2
1
Indonesien
Rumänien
Mexiko
Elfenbeinküste
Südafrika
Arabische
Emirate
Tschechische
Republik
Ägypten
Chile
Sonstige
| China | 4.85 | 9.43 |  |
| --- | --- | --- | --- |
| Mexiko | 4.84 | 10.41 |
| Indonesien | 4.30 | 3.01 |
| Polen | 4.03 | 8.29 |  | Port.	0.4 | 0.3	0.3	0.3 | 0.3	0.2	0.2 | 0.2 | 0.2	2.6 |
| Elfenbeinküste | 3.94 | 1.20 |  | Bench. 0.2 | 0.7	0.6	0.1 | 0.2	0.1	0.2 | - | 0.2	3.3 |
| Brasilien | 3.78 | 0.19 |  |
| Sonstige | 52.12 | 28.12 |
| Liquide Mittel | 0.59 | 0.00 |
| Engagement nach Laufzeit (%) |  |  |

0
35
30
25
20
15
10
5
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	0.59	3.50	5.27	29.57	23.96	31.64	5.47	-
Benchmark	-	0.97	25.06	23.78	18.96	15.50	11.27	4.47

## Engagement nach Rating (%)
50
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	Liquide Mittel
Portfolio	-	3.26	4.73	35.82	33.87	21.74	-	-	0.59
Benchmark	0.62	4.95	28.58	43.46	16.11	5.03	1.01	0.24	-

## Engagement nach Währung (%)
120
100
80
60
40
20
0
EUR	USD
| Portfolio | 82.64 | 17.36 |
| --- | --- | --- |
| Benchmark | 100.00 | - |