# Performance & Risk
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## Performance Evolution (EUR)
110.0
107.5
105.0
102.5
100.0
97.5
% of AUM covered by ESG absolute rating: Portfolio = 95.2% Benchmark = 95.9% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 86.8% Benchmark = 89.5% (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* (8.44%)	Benchmark (7.05%)
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* (%) | 1.41 | 4.88 | 3.92 | 3.74 |
| Benchmark Volatility (%) | 1.30 | 4.49 | 3.62 | - |
| Relative Risk/Tracking Error  (%) | 0.38 | 0.76 | 0.64 | - |
| Sharpe Ratio | 1.89 | 0.73 | 0.65 | 1.20 |
| Information Ratio | 1.50 | 1.20 | 0.99 | - |
| 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* | -0.55 | 0.12 | 0.48 | -0.18 | 8.44 | 8.96 | 1.75 | 0.89 | 5.63 | -0.49 | 0.98 | 73.39 |
| Benchmark | -0.49 | 0.10 | 0.37 | 0.03 | 7.05 | 8.02 | 1.65 | 0.10 | 5.20 | 0.03 | 0.88 | - |
| Excess Return | -0.06 | 0.01 | 0.11 | -0.22 | 1.39 | 0.94 | 0.10 | 0.79 | 0.43 | -0.52 | 0.09 | - |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.67 | 6.32 | -1.48 | 2.30 | 4.21 | -0.71 | 7.67 | 1.91 | 13.66 | 2.54 |
| Benchmark | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.38 | 2.42 | 11.15 | 1.94 |
| Excess Return | 0.66 | 0.85 | -0.44 | 0.02 | -0.03 | -0.65 | 0.29 | -0.51 | 2.51 | 0.59 |
| 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 |
| Assicurazioni Generali SpA 2.43% 07/14/2031 | 1.28 | Italy | 8.3 | 0.11 |
| KBC Groep NV VAR 06/16/2027 | 1.18 | Belgium | 4.7 | 0.06 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.10 | Spain | 3.3 | 0.04 |
| Banco Bilbao Vizcaya Argentaria VAR 01/16/2030 | 1.08 | Spain | 3.2 | 0.03 |
| SNS Bank NV VAR 10/22/2030 | 1.04 | Netherlands | 3.9 | 0.04 |
| EDP Finance BV 1.875% 10/13/2025 | 0.98 | Portugal | 3.9 | 0.04 |
| La Banque Postale SA 0.75% 06/23/2031 | 0.97 | France | 9.3 | 0.09 |
| Iberdrola International BV VAR PERP | 0.94 | Spain | 3.2 | 0.03 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 0.93 | United States | 4.4 | 0.04 |
| La Mondiale SAM 2.125% 06/23/2031 | 0.92 | France | 8.5 | 0.08 |
| Total (%) | 10.43 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio | Benchmark |
| Financial | 44.10 | 38.22 |
| Industrials | 37.68 | 53.11 |
| Utility | 13.51 | 8.51 |
| Cash | 4.70 | 0.16 |

Contribution to duration by sector
3
2
1
0
-1	Financial	Industrials	Utility	Other
| Port. | 2.1 | 1.9 | 0.8 | -0.4 |
| --- | --- | --- | --- | --- |
| Bench. | 1.6 | 2.4 | 0.4 | - |


## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
| France | 26.46 | 21.13 |
| --- | --- | --- |
| Italy | 12.56 | 5.93 |
| Spain | 8.77 | 5.74 |
| Germany | 7.63 | 14.68 |
| United States | 6.94 | 16.89 |

United Kingdom	5.64	8.25
Australia	4.67	2.13
Netherlands	4.40	5.41
Belgium	3.07	1.96
Portugal	2.65	0.42
Other	12.53	13.40
Cash	4.70	0.16
1.5
1.2
0.9
0.6
0.3
France
Italy
United States
Spain
United Kingdom
Netherlands
Belgium
Australia
Portugal
Other
0.0
Port.	1.4	0.7	0.4	0.4	0.3	0.2	0.2	0.2	0.1	0.7
Bench. 1.0	0.3	0.7	0.2	0.3	0.2	0.1	0.1	-	1.4

## 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	+20 years
Portfolio	4.70	3.67	16.11	19.91	19.60	28.82	3.02	4.16
Benchmark	0.16	1.24	26.62	27.63	23.53	18.47	0.40	1.94

## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Cash
Portfolio	-	3.03	27.33	64.94	-	4.70
Benchmark	0.29	8.55	38.06	52.91	0.02	0.16

## 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)
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 95.2% Benchmark = 95.9% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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110.0
107.5
105.0
102.5
100.0
97.5
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 = 86.8% Benchmark = 89.5% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
Portfolio* (8.44%)	Benchmark (7.05%)
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* (%) | 1.41 | 4.88 | 3.92 | 3.74 |
| Benchmark Volatilität (%) | 1.30 | 4.49 | 3.62 | - |
| Relatives Risiko/Tracking Error  (%) | 0.38 | 0.76 | 0.64 | - |
| Sharpe Ratio | 1.89 | 0.73 | 0.65 | 1.20 |
| Information Ratio | 1.50 | 1.20 | 0.99 | - |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

6
|  |  |  |  |
| --- | --- | --- | --- |
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4
2
0
|  | 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 | 0.98 | -0.49 | 5.63 | 0.89 | 1.75 |  |
|  | Netto-Wertentwicklung | 0.98 | -0.49 | 5.63 | 0.89 | 1.75 |  |

-2
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* | -0.55 | 0.12 | 0.48 | -0.18 | 8.44 | 8.96 | 1.75 | 0.89 | 5.63 | -0.49 | 0.98 | 73.39 |
| Benchmark | -0.49 | 0.10 | 0.37 | 0.03 | 7.05 | 8.02 | 1.65 | 0.10 | 5.20 | 0.03 | 0.88 | - |
| Abstände | -0.06 | 0.01 | 0.11 | -0.22 | 1.39 | 0.94 | 0.10 | 0.79 | 0.43 | -0.52 | 0.09 | - |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.67 | 6.32 | -1.48 | 2.30 | 4.21 | -0.71 | 7.67 | 1.91 | 13.66 | 2.54 |
| Benchmark | 2.01 | 5.48 | -1.04 | 2.28 | 4.24 | -0.06 | 7.38 | 2.42 | 11.15 | 1.94 |
| Abstände | 0.66 | 0.85 | -0.44 | 0.02 | -0.03 | -0.65 | 0.29 | -0.51 | 2.51 | 0.59 |

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 |
| Assicurazioni Generali SpA 2.43% 07/14/2031 | 1.28 | Italien | 8.3 | 0.11 |
| KBC Groep NV VAR 06/16/2027 | 1.18 | Belgien | 4.7 | 0.06 |
| Gas Natural Fenosa Finance BV 0.875% 05/15/2025 | 1.10 | Spanien | 3.3 | 0.04 |
| Banco Bilbao Vizcaya Argentaria VAR 01/16/2030 | 1.08 | Spanien | 3.2 | 0.03 |
| SNS Bank NV VAR 10/22/2030 | 1.04 | Niederlande | 3.9 | 0.04 |
| EDP Finance BV 1.875% 10/13/2025 | 0.98 | Portugal | 3.9 | 0.04 |
| La Banque Postale SA 0.75% 06/23/2031 | 0.97 | Frankreich | 9.3 | 0.09 |
| Iberdrola International BV VAR PERP | 0.94 | Spanien | 3.2 | 0.03 |
| Fiat Chrysler Automobiles NV 2.75% 05/15/2026 | 0.93 | Vereinigte Staaten Von Amerika | 4.4 | 0.04 |
| La Mondiale SAM 2.125% 06/23/2031 | 0.92 | Frankreich | 8.5 | 0.08 |
| Summe (%) | 10.43 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
| Finanzen | 44.10 | 38.22 |
| --- | --- | --- |
| Industrie | 37.68 | 53.11 |
| Versorgungsbetr. | 13.51 | 8.51 |

3
2
1
Liquide Mittel	4.70	0.16
0
Finanzen
Industrie
Versorgungsbetr.
Sonstige
-1
Port.	2.1	1.9	0.8	-0.4
Bench.	1.6	2.4	0.4	-

## Geographische Ausrichtung (%)
| Frankreich | 26.46 | 21.13 | 1.2 |  |
| --- | --- | --- | --- | --- |
| Italien | 12.56 | 5.93 | 0.9 |  |

Portfolio	Benchmark

## Beitrag zur Duration nach Land
1.5
0.6
| Spanien | 8.77 | 5.74 |
| --- | --- | --- |
| Deutschland | 7.63 | 14.68 |

0.3
Frankreich
Italien
Vereinigte Staaten
Von Amerika
Spanien
Großbritannien
Niederlande
Belgien
Australien
Portugal
Sonstige
0.0
| Vereinigte Staaten Von Amerika | 6.94 | 16.89 |  |
| --- | --- | --- | --- |
| Großbritannien | 5.64 | 8.25 |
| Australien | 4.67 | 2.13 |
| Niederlande | 4.40 | 5.41 |  | Port. | 1.4 | 0.7	0.4	0.4 | 0.3	0.2	0.2 | 0.2	0.1	0.7 |
| Belgien | 3.07 | 1.96 |  | Bench. | 1.0 | 0.3	0.7	0.2 | 0.3	0.2	0.1 | 0.1 | - | 1.4 |
| Portugal | 2.65 | 0.42 |  |
| Sonstige | 12.53 | 13.40 |
| Liquide Mittel | 4.70 | 0.16 |
| 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	+20 Jahre
Portfolio	4.70	3.67	16.11	19.91	19.60	28.82	3.02	4.16
Benchmark	0.16	1.24	26.62	27.63	23.53	18.47	0.40	1.94

## Engagement nach Rating (%)
80
60
40
20
0	AAA	AA	A	BBB	BB	Liquide Mittel
Portfolio	-	3.03	27.33	64.94	-	4.70
Benchmark	0.29	8.55	38.06	52.91	0.02	0.16

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