# Performance & Risk
## Performance Evolution (USD)
% of AUM covered by ESG absolute rating: Portfolio = 75.5% (not meaningful for coverage below 50%)
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120
115
110
105
100
95
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (13.88%)
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* (%) | 1.94 | 8.74 | 6.86 | 5.66 |
| Sharpe Ratio | 2.21 | 0.46 | 0.45 | 0.63 |
| 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* | -0.84 | -0.55 | 0.81 | -0.28 | 13.88 | 18.86 | 3.70 | 2.20 | 7.45 | -0.11 | 4.49 | 37.69 |
| Annual Calendar Performance (%) |
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Portfolio* | 4.07 | 9.42 | -0.35 | 5.34 | 7.76 | -0.23 | 0.26 | 2.96 | - | - |

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 |
| Ivory Coast (Republic of) 6.375% 03/03/2028 | 1.55 | Ivory Coast | 5.3 | 0.08 |
| Equate Petrochemical BV 4.25% 11/03/2026 | 1.42 | Kuwait | 4.5 | 0.06 |
| Celulosa Arauco y Constitucion 3.875% 11/02/2027 | 1.40 | Chile | 5.2 | 0.07 |
| AXA WF Asian Short Duration Bonds | 1.33 | France | 2.2 | 0.03 |
| Dvlpt Bank of Kazakhstan JSC 4.125% 12/10/2022 | 1.31 | Kazakhstan | 1.2 | 0.02 |
| Macedonia Government Intl Bond 2.75% 01/18/2025 | 1.23 | Macedonia | 3.1 | 0.04 |
| Abu Dhabi (Government of) 0.75% 09/02/2023 | 1.17 | Arab Emirates | 1.9 | 0.02 |
| QNB FINANCE LTD 1.375% 01/26/2026 | 1.16 | Qatar | 4.2 | 0.05 |
| Dominican Republic 5.5% 01/27/2025 | 1.16 | Dominican Republic | 3.0 | 0.03 |
| DP World Crescent Ltd 3.91% 05/31/2023 | 1.11 | Arab Emirates | 1.6 | 0.02 |
| Total (%) | 12.82 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio
External sovereign credit	21.54
Basic Industry	12.04
Banking	9.96
Energy	9.46
Consumer Goods	6.42
0.8
0.6
0.4
0.2
External
sovereign credit
Basic Industry
Banking
Energy
Consumer
Goods
Financial
Services
Real Estate
Media
Utility
Other
| Real Estate | 5.67 |  |
| --- | --- | --- |
| Financial Services | 5.47 |
| Transportation | 3.64 |
| Telecommunications | 3.60 |  | Port. 0.7	0.3	0.3	0.3	0.2	0.2	0.1 | 0.1 | 0.1 | 0.6 |
| Utility | 3.31 |  |
| Other | 16.94 |
| Cash | 1.94 |

0.0

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio
Brazil	7.92
China	7.16
Russia	6.28
Arab Emirates	5.72
Turkey	5.45
Qatar	4.61
Mexico	4.35
Ukraine	3.45
Chile	3.15
South Africa	3.11
Other	46.86
Cash	1.94
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
Brazil Russia China Qatar
South Africa Turkey
Mexico
Chile
Egypt
Other
0.0
Port. 0.3	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	1.5

## Maturity Breakdown (%)
50
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years
Portfolio	1.94	9.02	22.58	42.61	21.60	2.23	0.02

## Rating Breakdown (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portfolio	0.05	4.46	8.53	24.50	36.87	21.11	0.90	1.07	0.57	1.94

## Currency Breakdown (%)
120
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100
80
60
40
20
0
-20
USD	HKD	EUR
Portfolio	100.12	0.01	-0.14

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 75.5% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
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|  |  |  |  |  |  |
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120
115
110
105
100
95
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (13.88%)
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* (%) | 1.94 | 8.74 | 6.86 | 5.66 |
| Sharpe Ratio | 2.21 | 0.46 | 0.45 | 0.63 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

10.00
7.50
5.00
2.50
0.00
|  | 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 | 4.49 | -0.11 | 7.45 | 2.20 | 3.70 |
| Netto-Wertentwicklung | 4.49 | -0.11 | 7.45 | 2.20 | 3.70 |

-2.50
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* | -0.84 | -0.55 | 0.81 | -0.28 | 13.88 | 18.86 | 3.70 | 2.20 | 7.45 | -0.11 | 4.49 | 37.69 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 4.07 | 9.42 | -0.35 | 5.34 | 7.76 | -0.23 | 0.26 | 2.96 | - | - |

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 |
| Ivory Coast (Republic of) 6.375% 03/03/2028 | 1.55 | Elfenbeinküste | 5.3 | 0.08 |
| Equate Petrochemical BV 4.25% 11/03/2026 | 1.42 | Kuwait | 4.5 | 0.06 |
| Celulosa Arauco y Constitucion 3.875% 11/02/2027 | 1.40 | Chile | 5.2 | 0.07 |
| AXA WF Asian Short Duration Bonds | 1.33 | Frankreich | 2.2 | 0.03 |
| Dvlpt Bank of Kazakhstan JSC 4.125% 12/10/2022 | 1.31 | Kasachstan | 1.2 | 0.02 |
| Macedonia Government Intl Bond 2.75% 01/18/2025 | 1.23 | Mazedonien | 3.1 | 0.04 |
| Abu Dhabi (Government of) 0.75% 09/02/2023 | 1.17 | Arabische Emirate | 1.9 | 0.02 |
| QNB FINANCE LTD 1.375% 01/26/2026 | 1.16 | Qatar | 4.2 | 0.05 |
| Dominican Republic 5.5% 01/27/2025 | 1.16 | Dominikanische Republik | 3.0 | 0.03 |
| DP World Crescent Ltd 3.91% 05/31/2023 | 1.11 | Arabische Emirate | 1.6 | 0.02 |
| Summe (%) | 12.82 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio
External sovereign credit	21.54
Basisindustrie	12.04
Bankgeschäfte	9.96
Energie	9.46
Verbraucher	6.42
Regular Pfandbriefe	5.67
Finanzdienstleistungen	5.47
Beförderung	3.64
Telekommunikation	3.60
Versorgungsbetr.	3.31
Sonstige	16.94
Liquide Mittel	1.94
0.8
0.6
0.4
0.2
External sovereign
credit
Basisindustrie
Bankgeschäfte
Energie
Verbraucher
Finanzdienstleistungen
Regular Pfandbriefe
Media
Versorgungsbetr.
Sonstige
0.0
Port. 0.7	0.3	0.3	0.3	0.2	0.2	0.1	0.1	0.1	0.6

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio
| Brasilien | 7.92 |
| --- | --- |
| China | 7.16 |
| Russland | 6.28 |
| Arabische Emirate | 5.72 |
| Türkei | 5.45 |
| Qatar | 4.61 |

1.8
1.5
1.2
0.9
0.6
0.3
Brasilien
Russland
China
Qatar
Südafrika
Türkei
Mexiko
Chile
Ägypten
Sonstige
0.0
| Mexiko | 4.35 |  |
| --- | --- | --- |
| Ukraine | 3.45 |
| Chile | 3.15 |  | Port. | 0.3 | 0.2	0.2 | 0.1 | 0.1	0.1	0.1 | 0.1	0.1	1.5 |
| Südafrika | 3.11 |  |
| Sonstige | 46.86 |
| Liquide Mittel | 1.94 |
| Engagement nach Laufzeit (%) |  |

50
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
Portfolio	1.94	9.02	22.58	42.61	21.60	2.23	0.02

## Engagement nach Rating (%)
40
30
20
10
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Liquide
Mittel
Portfolio	0.05	4.46	8.53	24.50	36.87	21.11	0.90	1.07	0.57	1.94

## Engagement nach Währung (%)
120
|  |  |  |
| --- | --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |

100
80
60
40
20
0
-20
USD	HKD	EUR
Portfolio	100.12	0.01	-0.14