# Performance & Risk
## Performance Evolution (EUR)
Current NAV
Acc.

### 123.39
Assets Under Management (M)
USD

### 1 974.46
Since: 01/10/2010
100% Bloomberg US Corporate Intermediate Hedged EUR

## Fund Profile
ESG Rating
ESG Relative Rating
CO2 Relative rating
116
112
108
104
100
96
92
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
% of AUM covered by ESG absolute rating: Portfolio = 92.9% Benchmark = 98.7% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 92.9% Benchmark = 98.4% (not meaningful for coverage below 50%)
Portfolio* (4.50%)	Benchmark (5.96%)
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* (%) | 2.74 | 5.49 | 4.43 | 3.72 |
| Benchmark Volatility (%) | 2.75 | 5.03 | 4.10 | - |
| Relative Risk/Tracking Error  (%) | 0.50 | 0.68 | 0.55 | - |
| Sharpe Ratio | -0.86 | 0.52 | 0.42 | 0.74 |
| Information Ratio | 1.57 | 0.75 | 0.69 | - |


## Rolling Performance (%)
| 1M	3M	6M	YTD	3Y	5Y	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Launch |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -1.14 | -3.25 | -4.68 | -3.07 | 4.50 | 2.51 | -3.82 | 1.63 | 6.90 | -0.52 | -1.39 | 23.39 |
| Benchmark | -1.14 | -3.10 | -4.47 | -3.10 | 5.96 | 5.54 | -3.67 | 2.44 | 7.39 | 0.53 | -0.93 | - |
| Excess Return | 0.00 | -0.14 | -0.21 | 0.03 | -1.46 | -3.03 | -0.14 | -0.80 | -0.48 | -1.05 | -0.46 | - |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.37 | 5.48 | 6.29 | -3.92 | 1.30 | 2.02 | -0.13 | 3.99 | -0.34 | 8.56 |
| Benchmark | -1.91 | 6.00 | 6.91 | -2.99 | 1.90 | 2.60 | 0.59 | 4.24 | -0.13 | 8.55 |
| Excess Return | -0.46 | -0.52 | -0.62 | -0.93 | -0.61 | -0.58 | -0.71 | -0.25 | -0.22 | 0.00 |

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 |  |
| --- | --- |
| Fund Key Metrics |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Cash (%) | 6.27 | - |  | Option Adjusted Spread | 105 | 96 |
| Number of Holdings | 214 | 4372 |  | Average Coupon (%) | 3.19 | 3.10 |
| Number of Issuers | 154 | 704 |  | Current yield (%) | 2.96 | 3.06 |
| Years to Maturity | 4.97 | 5.00 |  | Yield To Worst (%) | 2.66 | 2.66 |
| Modified duration to worst | 4.27 | 4.39 |  | Yield to maturity (%) | 2.67 | 2.66 |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Banking | 29.15 | 29.38 |
| Consumer Non-Cyclical | 11.32 | 12.84 |
| Communications | 6.93 | 6.12 |
| Technology | 6.68 | 10.19 |
| REITS | 5.81 | 4.01 |
| Insurance | 5.13 | 3.54 |
| Energy | 4.14 | 6.95 |
| Transportation | 3.94 | 1.74 |
| Electric | 3.94 | 5.37 |
| Consumer Cyclical | 3.84 | 7.64 |
| Basic Industry | 3.74 | 2.20 |
| Finance Companies | 2.66 | 1.96 |
| Capital Goods | 2.31 | 5.67 |
| Treasury | 1.97 | 0.00 |
| Brokerage | 1.10 | 1.59 |
| Natural Gas | 0.73 | 0.46 |
| Other Industrial | 0.34 | 0.13 |
| Other Financial | 0.00 | 0.06 |
| Other Utility | 0.00 | 0.14 |
| Cash | 6.27 | 0.00 |
| Modified Duration to Worst Breakdown (%) |  |  |

33
30
27
24
21
18
15
12
9
6
3
| 0 | Cash | 0-1 | 1-3 | 3-5 | 5-7 | 7-10 |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 6.27 | 4.08 | 23.25 | 30.47 | 20.10 | 15.83 |
| Benchmark | - | 1.78 | 30.52 | 30.10 | 21.89 | 15.72 |


## 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
| Portfolio | 6.27 | 3.28 | 16.95 | 31.61 | 13.47 | 25.39 | 3.03 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.26 | 26.39 | 28.16 | 18.68 | 26.51 | - |

| Top 10 Holdings |  |
| --- | --- |
| Issuer | Coupon rate | Maturity | Sector | Modified duration to worst | Rating | Weight (%) |  |
| BRIGHTHOUSE FINANCIAL IN | 5.625 | 15/05/30 | Insurance | 6.54 | BBB | 1.08 |  |
| BANK OF AMERICA CORP | 2.972 | 04/02/33 | Banking | 8.63 | A | 1.07 |  |
| US TREASURY N/B | 1.750 | 31/01/29 | Treasury | 6.54 | AAA | 1.07 |  |
| AT&T INC | 4.300 | 15/02/30 | Communications | 6.68 | BBB | 1.04 |  |
| US TREASURY N/B | 1.375 | 15/11/31 | Treasury | 9.07 | AAA | 1.03 |  |
| JPMORGAN CHASE & CO | 1.045 | 19/11/26 | Banking | 3.64 | A | 1.00 |  |
| PEOPLE'S UNITED FIN INC | 3.650 | 06/12/22 | Banking | 0.51 | BBB | 0.99 |  |
| ELEMENT FLEET MANAGEMENT | 3.850 | 15/06/25 | Transportation | 3.03 | BBB | 0.99 |  |
| CITIGROUP INC | 1.122 | 28/01/27 | Banking | 3.83 | A | 0.94 |  |
| JPMORGAN CHASE & CO | 2.963 | 25/01/33 | Banking | 8.62 | A | 0.93 |  |
| Total (%) |  |  |  |  |  | 10.15 |  |
| Rating Breakdown (%) |  |  |  |  |  |  |  |

60
55
50
45
40
35
30
25
20
15
10
5
| 0 | AAA | AA | A | BBB | BB | Cash |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.97 | 0.83 | 29.05 | 56.58 | 5.30 | 6.27 |
| Benchmark | 2.18 | 4.80 | 43.73 | 49.12 | 0.17 | - |


## Currency Breakdown (%)
120
100
80
60
40
20
0
USD	Cash
| Portfolio | 93.73 | 6.27 |
| --- | --- | --- |
| Benchmark | 100.00 | - |
| Securities Exposure by geographical area (%) |  |  |
|  | Portfolio | Benchmark |
| United States | 70.91 | 81.84 |
| Canada | 5.26 | 3.44 |
| France | 3.69 | 0.50 |
| United Kingdom | 2.73 | 5.36 |
| Australia | 2.45 | 0.66 |
| Netherlands | 1.69 | 0.77 |
| Spain | 1.13 | 0.60 |
| Other | 5.85 | 6.83 |
| Cash | 6.27 | 0.00 |

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
Aktueller NAV
Acc

### 123.39
Nettovermögen (M)
USD

### 1 974.46
Schon seit: 01/10/2010
100% Bloomberg US Corporate Intermediate Hedged EUR

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Relative CO2-Intensität
116
112
108
104
100
96
92
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 92.9% Benchmark = 98.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 92.9% Benchmark = 98.4% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Portfolio* (4.50%)	Benchmark (5.96%)
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* (%) | 2.74 | 5.49 | 4.43 | 3.72 |
| Benchmark Volatilität (%) | 2.75 | 5.03 | 4.10 | - |
| Relatives Risiko/Tracking Error  (%) | 0.50 | 0.68 | 0.55 | - |
| Sharpe Ratio | -0.86 | 0.52 | 0.42 | 0.74 |
| Information Ratio | 1.57 | 0.75 | 0.69 | - |


## Wertentwicklung (Brutto, Netto in %)
8
4
0
-4
|  | 28/02/2017 - | 28/02/2018 - | 28/02/2019 - | 28/02/2020 - | 28/02/2021 - |  |
| --- | --- | --- | --- | --- | --- | --- |
| 28/02/2018 | 28/02/2019 | 28/02/2020 | 28/02/2021 | 28/02/2022 |  |
|  | Brutto-Wertentwicklung | -1.39 | -0.52 | 6.90 | 1.63 | -3.82 |  |
|  | Netto-Wertentwicklung | -4.26 | -0.52 | 6.90 | 1.63 | -3.82 |  |

-8
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## Rollierende Wertentwicklung (%)
| 1M	3M	6M	YTD	3J	5J	28/02/21 | 28/02/20 | 28/02/19 | 28/02/18 | 28/02/17	Auflage |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | 28/02/22 | 28/02/21 | 29/02/20 | 28/02/19 | 28/02/18 |  |
| Portfolio* | -1.14 | -3.25 | -4.68 | -3.07 | 4.50 | 2.51 | -3.82 | 1.63 | 6.90 | -0.52 | -1.39 | 23.39 |
| Benchmark | -1.14 | -3.10 | -4.47 | -3.10 | 5.96 | 5.54 | -3.67 | 2.44 | 7.39 | 0.53 | -0.93 | - |
| Abstände | 0.00 | -0.14 | -0.21 | 0.03 | -1.46 | -3.03 | -0.14 | -0.80 | -0.48 | -1.05 | -0.46 | - |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.37 | 5.48 | 6.29 | -3.92 | 1.30 | 2.02 | -0.13 | 3.99 | -0.34 | 8.56 |
| Benchmark | -1.91 | 6.00 | 6.91 | -2.99 | 1.90 | 2.60 | 0.59 | 4.24 | -0.13 | 8.55 |
| Abstände | -0.46 | -0.52 | -0.62 | -0.93 | -0.61 | -0.58 | -0.71 | -0.25 | -0.22 | 0.00 |

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 |  |
| --- | --- |
| Fondsindikatoren |
|  | Portfolio | Benchmark |  |  | Portfolio | Benchmark |
| Liquide Mittel (%) | 6.27 | - |  | Optionsbereinigter Spread | 105 | 96 |
| Anzahl Positionen | 214 | 4372 |  | Durchschnittlicher Coupon (%) | 3.19 | 3.10 |
| Anzahl Emittenten | 154 | 704 |  | Laufende Verzinsung (%) | 2.96 | 3.06 |
| Jahre bis zur Fälligkeit | 4.97 | 5.00 |  | Yield-to-Worst (%) | 2.66 | 2.66 |
| Modified Duration to Worst | 4.27 | 4.39 |  | Rückzahlungsrendite (%) | 2.67 | 2.66 |

| Sektorengewichtung (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Banking | 29.15 | 29.38 |
| Nichtzyklische Konsumgüter | 11.32 | 12.84 |
| Kommunikation | 6.93 | 6.12 |
| Technologie | 6.68 | 10.19 |
| REITs | 5.81 | 4.01 |
| Versicherung | 5.13 | 3.54 |
| Energie | 4.14 | 6.95 |
| Verkehr | 3.94 | 1.74 |
| Elektrisch | 3.94 | 5.37 |
| Zyklische Konsumgüter | 3.84 | 7.64 |
| Grundstoffindustrie | 3.74 | 2.20 |
| Finanzunternehmen | 2.66 | 1.96 |
| Investitionsgüter | 2.31 | 5.67 |
| Staatsanleihe | 1.97 | 0.00 |
| Brokerage | 1.10 | 1.59 |
| Erdgas | 0.73 | 0.46 |
| Sonstige Industrie | 0.34 | 0.13 |
| Sonstiges Finanzielles | 0.00 | 0.06 |
| Sonstiger Versorger | 0.00 | 0.14 |
| Liquide Mittel | 6.27 | 0.00 |
| Aufteilung nach Modified Duration to Worst (%) |  |  |

33
30
27
24
21
18
15
12
9
6
3
| 0 | Liquide Mittel | 0-1 | 1-3 | 3-5 | 5-7 | 7-10 |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 6.27 | 4.08 | 23.25 | 30.47 | 20.10 | 15.83 |
| Benchmark | - | 1.78 | 30.52 | 30.10 | 21.89 | 15.72 |


## 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
| Portfolio | 6.27 | 3.28 | 16.95 | 31.61 | 13.47 | 25.39 | 3.03 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.26 | 26.39 | 28.16 | 18.68 | 26.51 | - |

| Top 10 Positionen |  |
| --- | --- |
| Emittent	Ausschüttung | Fälligkeit | Kategorie | Modified Duration to Worst | Rating | Ausrichtung (%) |  |
| BRIGHTHOUSE FINANCIAL IN	5.625 | 15/05/30 | Versicherung | 6.54 | BBB | 1.08 |  |
| BANK OF AMERICA CORP	2.972 | 04/02/33 | Banking | 8.63 | A | 1.07 |  |
| US TREASURY N/B	1.750 | 31/01/29 | Staatsanleihe | 6.54 | AAA | 1.07 |  |
| AT&T INC	4.300 | 15/02/30 | Kommunikation | 6.68 | BBB | 1.04 |  |
| US TREASURY N/B	1.375 | 15/11/31 | Staatsanleihe | 9.07 | AAA | 1.03 |  |
| JPMORGAN CHASE & CO	1.045 | 19/11/26 | Banking | 3.64 | A | 1.00 |  |
| PEOPLE'S UNITED FIN INC	3.650 | 06/12/22 | Banking | 0.51 | BBB | 0.99 |  |
| ELEMENT FLEET MANAGEMENT	3.850 | 15/06/25 | Verkehr | 3.03 | BBB | 0.99 |  |
| CITIGROUP INC	1.122 | 28/01/27 | Banking | 3.83 | A | 0.94 |  |
| JPMORGAN CHASE & CO	2.963 | 25/01/33 | Banking | 8.62 | A | 0.93 |  |
| Summe (%) |  |  |  |  | 10.15 |  |
| Engagement nach Rating (%) |  |  |  |  |  |  |

60
55
50
45
40
35
30
25
20
15
10
5
| 0 | AAA | AA | A | BBB | BB | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 1.97 | 0.83 | 29.05 | 56.58 | 5.30 | 6.27 |
| Benchmark | 2.18 | 4.80 | 43.73 | 49.12 | 0.17 | - |


## Engagement nach Währung (%)
120
100
80
60
40
20
0
USD	Liquide Mittel
| Portfolio | 93.73 |  | 6.27 |  |
| --- | --- | --- | --- | --- |
| Benchmark | 100.00 |  | - |  |
| Geographische Ausrichtung (%) |  |  |  |  |
|  |  | Portfolio |  | Benchmark |
| Vereinigten Staaten |  | 70.91 |  | 81.84 |
| Kanada |  | 5.26 |  | 3.44 |
| Frankreich |  | 3.69 |  | 0.50 |
| Großbritannien |  | 2.73 |  | 5.36 |
| Australien |  | 2.45 |  | 0.66 |
| Niederlande |  | 1.69 |  | 0.77 |
| Spanien |  | 1.13 |  | 0.60 |
| Sonstige |  | 5.85 |  | 6.83 |
| Liquide Mittel |  | 6.27 |  | 0.00 |