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

### 123.48
Assets Under Management (M)
USD

### 399.08
Since: 01/01/2003
100% JP Morgan EMBIG Diversified Hedged EUR

## Fund Key Metrics
Port.	Bench.
Linear Average Rating	BB	BB+
| Mod. Duration | 7.58 | 7.49 |
| --- | --- | --- |
| Mod. Duration To Worst | 7.73 | 7.44 |
| Yield To Worst (%) | 7.57 | 5.90 |
| Number of Holdings | 162 | 968 |
| Number of Issuers | 99 | 83 |

120
110
100
90
80
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Fund Profile
ESG Rating
ESG Relative Rating
Portfolio* (1.56%)	Benchmark (-2.96%)
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.
% of AUM covered by ESG absolute rating: Portfolio = 83.1% Benchmark = 92.7% (not meaningful for coverage below 50%)
| Risk Analysis |  |
| --- | --- |
|  | 1Y | 3Y | 5Y | Launch |
| Portfolio Volatility* (%) | 5.86 | 12.48 | 10.31 | 8.96 |
| Benchmark Volatility (%) | 6.55 | 11.40 | 9.38 | 8.25 |
| Relative Risk/Tracking Error  (%) | 2.11 | 2.08 | 1.77 | 1.60 |
| Sharpe Ratio | -1.13 | 0.09 | 0.13 | 0.35 |
| Information Ratio | 0.58 | 0.82 | 0.64 | 0.53 |


## 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* | -5.83 | -6.67 | -11.12 | -8.17 | 1.56 | 3.96 | -7.43 | 1.44 | 8.16 | -0.72 | 3.10 | 23.48 |
| Benchmark | -6.59 | -8.22 | -12.01 | -9.35 | -2.96 | -0.77 | -8.46 | -0.55 | 6.60 | -0.04 | 2.30 | 17.41 |
| Excess Return | 0.76 | 1.55 | 0.89 | 1.18 | 4.52 | 4.73 | 1.04 | 1.99 | 1.56 | -0.68 | 0.80 | 6.07 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.74 | 5.71 | 14.09 | -8.34 | 8.62 | 8.87 | 1.23 | - | - | - |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | - | - | - |
| Excess Return | 0.07 | 2.21 | 2.43 | -1.30 | 0.41 | 0.54 | 0.49 | - | - | - |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.43 | Egypt | 5.9 | 0.14 |
| Ecuador (Republic of) 1% 07/31/2035 | 2.18 | Ecuador | 8.0 | 0.17 |
| AXA WF Asian High Yield Bonds | 1.95 | France | 1.7 | 0.03 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.79 | Kazakhstan | 13.2 | 0.24 |
| Oman Govt International Bond 7% 01/25/2051 | 1.73 | Oman | 11.7 | 0.20 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.48 | Uruguay | 7.4 | 0.11 |
| Honduras (Republic of) 6.25% 01/19/2027 | 1.39 | Honduras | 3.9 | 0.05 |
| Colombia (Republic of) 5% 06/15/2045 | 1.37 | Colombia | 12.4 | 0.17 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.31 | Angola | 5.6 | 0.07 |
| Ghana Government International 8.95% 03/26/2051 | 1.30 | Ghana | 9.8 | 0.13 |
| Total (%) | 16.92 |  |  |  |


## Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
| External sovereign credit | 43.43 | 79.47 |
| --- | --- | --- |
| Energy | 11.16 | 8.78 |
| Sovereign | 5.95 | 0.00 |
| Banking | 5.70 | 0.31 |

8
6
4
2
External
sovereign credit
Sovereign
Energy
Agency
Banking
Basic Industry
Media
Real Estate
Technology &
Electronics
Other
| Financial Services | 3.79 | 0.78 |  |
| --- | --- | --- | --- |
| Consumer Goods | 3.19 | 0.07 |
| Technology & Electronics | 3.07 | 0.00 |
| Agency | 2.78 | 2.82 |  | Port.	3.8	0.9	0.8	0.3	0.2	0.2	0.2 | 0.2 | 0.2 | 0.8 |
| Real Estate | 2.68 | 0.04 |  | Bench. 6.0 | - | 0.8	0.1 | - | 0.2 | -	-	- | 0.4 |
| Basic Industry | 2.62 | 2.13 |  |  |  |  |  |  |  |  |
| Other | 14.48 | 5.60 |  |  |  |  |  |  |  |  |
| Cash | 1.15 | 0.00 |  |  |  |  |  |  |  |  |

0

## Securities Exposure by geographical area (%)	Contribution to Duration by Geography
Portfolio	Benchmark
5
| Mexico | 6.20 | 5.20 | 4 |  |
| --- | --- | --- | --- | --- |
| China | 5.71 | 4.79 | 3 |  |

Brazil	6.38	3.20	6
Turkey	4.55	3.70
Nigeria	3.98	1.90
Egypt	3.96	2.51
Indonesia	3.86	4.87
Kazakhstan	2.84	2.49
Colombia	2.76	2.74
Oman	2.68	2.97
Other	55.93	56.98
Cash	1.15	0.00
2
1
United States
Mexico
Indonesia
Brazil
Colombia
Kazakhstan
Oman
Arab Emirates
China
Other
0
Port.	0.6	0.6	0.4	0.3	0.3	0.3	0.3	0.2	0.2	4.2
Bench.	-	0.5	0.4	0.2	0.2	0.2	0.2	0.4	0.2	5.2

## Maturity Breakdown (%)
28
24
20
16
12
8
4
0	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	10-20 years	+20 years
Portfolio	2.19	8.31	16.19	11.81	24.82	13.00	23.69
Benchmark	2.91	13.10	14.77	13.27	16.53	13.24	26.18

## Rating Breakdown (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Cash
Portfolio	0.08	1.91	3.02	29.36	27.49	30.72	4.46	1.32	0.48	1.15
Benchmark	-	7.15	15.77	31.18	19.58	20.75	4.92	0.19	0.46	-

## Currency Breakdown (%)
120
100
80
60
40
20
0
-20
USD	MXN	UYU	EGP	RSD	UAH	ARS	BRL	UZS	CNY	HKD	PEN	CNH	GBP	Other
| Portfolio	99.35 | 1.60 | 1.49 | 1.08 | 0.94 | 0.68 | 0.62 | 0.48 | 0.44 | 0.03 | 0.01 | -0.01 | -0.03 | -0.07 | -6.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |

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

### 123.48
Nettovermögen (M)
USD

### 399.08
Schon seit: 01/01/2003
100% JP Morgan EMBIG Diversified Hedged EUR
| Port. | Bench. |
| --- | --- |
| Durchschnittliches Rating	BB | BB+ |
| Mod. Duration	7.58 | 7.49 |
| Mod. Duration To Worst	7.73 | 7.44 |
| Yield-to-Worst (%)	7.57 | 5.90 |
| Anzahl Positionen	162 | 968 |
| Anzahl Emittenten	99 | 83 |


## Fondsindikatoren
(Linear)
120
110
100
90
80
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22

## Fonds-Profile
ESG-Rating
Relatives ESG Rating
Portfolio* (1.56%)	Benchmark (-2.96%)
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.
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 83.1% Benchmark = 92.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
| Risikoanalyse |  |
| --- | --- |
|  | 1J | 3J | 5J | Auflage |
| Portfolio Volatilität* (%) | 5.86 | 12.48 | 10.31 | 8.96 |
| Benchmark Volatilität (%) | 6.55 | 11.40 | 9.38 | 8.25 |
| Relatives Risiko/Tracking Error  (%) | 2.11 | 2.08 | 1.77 | 1.60 |
| Sharpe Ratio | -1.13 | 0.09 | 0.13 | 0.35 |
| Information Ratio | 0.58 | 0.82 | 0.64 | 0.53 |


## Wertentwicklung (Brutto, Netto in %)
10
5
0
-5
|  | 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 | 3.10 | -0.72 | 8.16 | 1.44 | -7.43 |  |
|  | Netto-Wertentwicklung | 3.10 | -0.72 | 8.16 | 1.44 | -7.43 |  |

-10
Berechnung nach BVI-Wertermittlungsstatistik (siehe Erläuterung unter 'Wichtige Hinweise')

## 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* | -5.83 | -6.67 | -11.12 | -8.17 | 1.56 | 3.96 | -7.43 | 1.44 | 8.16 | -0.72 | 3.10 | 23.48 |
| Benchmark | -6.59 | -8.22 | -12.01 | -9.35 | -2.96 | -0.77 | -8.46 | -0.55 | 6.60 | -0.04 | 2.30 | 17.41 |
| Abstände | 0.76 | 1.55 | 0.89 | 1.18 | 4.52 | 4.73 | 1.04 | 1.99 | 1.56 | -0.68 | 0.80 | 6.07 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | -2.74 | 5.71 | 14.09 | -8.34 | 8.62 | 8.87 | 1.23 | - | - | - |
| Benchmark | -2.82 | 3.50 | 11.66 | -7.04 | 8.21 | 8.32 | 0.74 | - | - | - |
| Abstände | 0.07 | 2.21 | 2.43 | -1.30 | 0.41 | 0.54 | 0.49 | - | - | - |

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 |
| Egypt (Government of) 6.375% 04/11/2031 | 2.43	Ägypten	5.9 | 0.14 |
| Ecuador (Republic of) 1% 07/31/2035 | 2.18	Ecuador	8.0 | 0.17 |
| AXA WF Asian High Yield Bonds | 1.95	Frankreich	1.7 | 0.03 |
| KazMunayGas National Co JSC 6.375% 10/24/2048 | 1.79	Kasachstan	13.2 | 0.24 |
| Oman Govt International Bond 7% 01/25/2051 | 1.73	Oman	11.7 | 0.20 |
| Uruguay (Republic of) 3.875% 07/02/2040 | 1.48	Uruguay	7.4 | 0.11 |
| Honduras (Republic of) 6.25% 01/19/2027 | 1.39	Honduras	3.9 | 0.05 |
| Colombia (Republic of) 5% 06/15/2045 | 1.37	Kolumbien	12.4 | 0.17 |
| Angolan Government Intl Bond 8% 11/26/2029 | 1.31	Angola	5.6 | 0.07 |
| Ghana Government International 8.95% 03/26/2051 | 1.30	Ghana	9.8 | 0.13 |
| Summe (%) | 16.92 |  |
| Sektorengewichtung (%) | Beitrag zur Duration nach Sektor |  |
| Portfolio | Benchmark |  |

| External sovereign credit | 43.43 | 79.47 |
| --- | --- | --- |
| Energie | 11.16 | 8.78 |
| Staatgarantie | 5.95 | 0.00 |
| Bankgeschäfte | 5.70 | 0.31 |

8
6
4
2
External
sovereign credit
Staatgarantie
Energie
Dienststelle
Bankgeschäfte
Basisindustrie
Media
Regular
Pfandbriefe
Technol. und
Elektr.
Sonstige
| Finanzdienstleistungen | 3.79 | 0.78 |  |
| --- | --- | --- | --- |
| Verbraucher | 3.19 | 0.07 |
| Technol. und Elektr. | 3.07 | 0.00 |
| Dienststelle | 2.78 | 2.82 |  | Port.	3.8	0.9	0.8	0.3	0.2	0.2 | 0.2	0.2	0.2	0.8 |
| Regular Pfandbriefe | 2.68 | 0.04 |  | Bench. 6.0 | - | 0.8	0.1 | - | 0.2 | -	-	- | 0.4 |
| Basisindustrie | 2.62 | 2.13 |  |  |  |  |  |  |  |  |
| Sonstige | 14.48 | 5.60 |  |  |  |  |  |  |  |  |
| Liquide Mittel | 1.15 | 0.00 |  |  |  |  |  |  |  |  |

0

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio	Benchmark
Brasilien	6.38	3.20
Mexiko	6.20	5.20
China	5.71	4.79
Türkei	4.55	3.70
Nigeria	3.98	1.90
Ägypten	3.96	2.51
Indonesien	3.86	4.87
Kasachstan	2.84	2.49
Kolumbien	2.76	2.74
Oman	2.68	2.97
Sonstige	55.93	56.98
Liquide Mittel	1.15	0.00
6
4
2
Vereinigte Staaten
Von Amerika
Mexiko
Indonesien
Brasilien
Kolumbien
Kasachstan
Oman
Arabische Emirate
China
Sonstige
0
Port.	0.6	0.6	0.4	0.3	0.3	0.3	0.3	0.2	0.2	4.2
Bench.	-	0.5	0.4	0.2	0.2	0.2	0.2	0.4	0.2	5.2

## Engagement nach Laufzeit (%)
28
24
20
16
12
8
4
0	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	10-20 Jahre	+20 Jahre
Portfolio	2.19	8.31	16.19	11.81	24.82	13.00	23.69
Benchmark	2.91	13.10	14.77	13.27	16.53	13.24	26.18

## Engagement nach Rating (%)
35
30
25
20
15
10
5
0	AAA	AA	A	BBB	BB	B	CCC	NR	CC	Liquide Mittel
Portfolio	0.08	1.91	3.02	29.36	27.49	30.72	4.46	1.32	0.48	1.15
Benchmark	-	7.15	15.77	31.18	19.58	20.75	4.92	0.19	0.46	-

## Engagement nach Währung (%)
125
100
75
50
25
0
USD
MXN
UYU
EGP
RSD
UAH
ARS
BRL
UZS
CNY
HKD
PEN
CNH
GBP
Sonstige
-25
| Portfolio	99.35 | 1.60 | 1.49 | 1.08 | 0.94 | 0.68 | 0.62 | 0.48 | 0.44 | 0.03 | 0.01 | -0.01 | -0.03 | -0.07 | -6.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark 100.00 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |