# Performance & Risk
## Performance Evolution (EUR)
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108
106
104
102
100
98
96
ESG Relative Rating
CO2 Relative rating
% of AUM covered by ESG absolute rating: Portfolio = 99.6% Benchmark = 100.0% (not meaningful for coverage below 50%)
% of AUM covered by CO2 intensity indicator: Portfolio
= 99.6% Benchmark = 100.0% (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* (6.32%)	Benchmark (6.80%)
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* (%) | 1.18 | 1.75 | 1.53 | 1.50 |
| Benchmark Volatility (%) | 1.26 | 1.93 | 1.63 | 1.60 |
| Relative Risk/Tracking Error  (%) | 0.37 | 0.39 | 0.36 | 0.34 |
| Sharpe Ratio | 4.06 | 1.64 | 0.99 | 1.16 |
| Information Ratio | -0.50 | 0.70 | 0.32 | 0.33 |
| 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* | 0.29 | 1.31 | 2.22 | 3.08 | 6.32 | 3.60 | 3.93 | 1.64 | 0.65 | -1.74 | -0.83 | 5.48 |
| Benchmark | 0.21 | 1.37 | 2.65 | 3.58 | 6.80 | 5.18 | 4.55 | 1.27 | 0.87 | -1.01 | -0.51 | 7.27 |
| Excess Return | 0.08 | -0.06 | -0.43 | -0.50 | -0.48 | -1.58 | -0.62 | 0.37 | -0.22 | -0.73 | -0.32 | -1.79 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.51 | 1.56 | -2.35 | -0.91 | - | - | - | - | - | - |
| Benchmark | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - | - | - |
| Excess Return | 0.15 | 0.07 | -0.73 | -0.46 | - | - | - | - | - | - |
| 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 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2023 | 14.77 | United States | 1.3 | 0.19 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2024 | 6.09 | United States | 3.1 | 0.19 |
| US Treasury Inflation Idx Bonds 0.625% 04/15/2023 | 5.65 | United States | 1.5 | 0.09 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 4.79 | United States | 1.8 | 0.09 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2022 | 4.42 | United States | 0.8 | 0.04 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.39 | Germany | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.20 | France | 2.9 | 0.12 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 4.18 | United States | 2.3 | 0.10 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 4.12 | United States | 3.3 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.05 | United States | 2.8 | 0.11 |
| Total (%) | 56.68 |  |  |  |

Sector Breakdown (%)	Contribution to duration by sector
Portfolio	Benchmark
Treasury	97.34	100.00	4
Cash	2.66	0.00	3
2
1
0
Treasury
Port.	2.6
Bench.	3.1

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
United States	56.55	62.62
United Kingdom	10.80	10.31
| France | 8.62 | 6.70 |
| --- | --- | --- |
| Italy | 8.38 | 7.49 |
| Germany | 6.37 | 3.90 |

2.4
2.0
1.6
1.2
0.8
0.4
United
States
United
Kingdom
France
Italy
Japan
Spain
Other
0.0
| Japan | 2.91 | 4.52 |  |
| --- | --- | --- | --- |
| Spain | 2.24 | 2.19 |
| Australia | 1.06 | 0.71 |  | Port.	1.6 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | - |
| Other | 0.41 | 0.39 |  | Bench.	2.0 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 |
| Cash | 2.66 | 0.00 |  |  |  |  |  |  |  |  |
| Maturity Breakdown (%) |  |  |  |  |  |  |  |  |  |  |

80
60
40
20
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years
Portfolio	2.66	4.71	61.03	30.56	0.15	0.88
Benchmark	-	-	47.09	52.91	-	-

## Rating Breakdown (%)
80
60
40
20
0	AAA	AA	A	BBB	Cash
Portfolio	64.39	19.42	5.16	8.38	2.66
Benchmark	68.79	17.01	6.71	7.49	-

## Currency Breakdown (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	NZD	CAD	SEK	DKK
Portfolio	58.10	26.31	11.09	2.99	1.09	0.27	0.15	-	-
Benchmark	62.62	20.29	10.31	4.52	0.71	0.39	-	0.78	0.39

Translation (ENDE, 2021-09-30):
# Wertentwicklung & Risiken
Wertentwicklung (EUR)
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108
106
104
102
100
98
96
Relatives ESG Rating
Relative CO2-Intensität
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 99.6% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
% des verwalteten Vermögens, das vom Indikator der CO2-Intensität abgedeckt wird: Portfolio = 99.6% Benchmark = 100.0% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (6.32%)	Benchmark (6.80%)
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* (%) | 1.18 | 1.75 | 1.53 | 1.50 |
| Benchmark Volatilität (%) | 1.26 | 1.93 | 1.63 | 1.60 |
| Relatives Risiko/Tracking Error  (%) | 0.37 | 0.39 | 0.36 | 0.34 |
| Sharpe Ratio | 4.06 | 1.64 | 0.99 | 1.16 |
| Information Ratio | -0.50 | 0.70 | 0.32 | 0.33 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

6
4
2
0
-2
|  | 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 | -0.83 | -1.74 | 0.65 | 1.64 | 3.93 |  |
|  | Netto-Wertentwicklung | -0.83 | -1.74 | 0.65 | 1.64 | 3.93 |  |

-4
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* | 0.29 | 1.31 | 2.22 | 3.08 | 6.32 | 3.60 | 3.93 | 1.64 | 0.65 | -1.74 | -0.83 | 5.48 |
| Benchmark | 0.21 | 1.37 | 2.65 | 3.58 | 6.80 | 5.18 | 4.55 | 1.27 | 0.87 | -1.01 | -0.51 | 7.27 |
| Abstände | 0.08 | -0.06 | -0.43 | -0.50 | -0.48 | -1.58 | -0.62 | 0.37 | -0.22 | -0.73 | -0.32 | -1.79 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 2.51 | 1.56 | -2.35 | -0.91 | - | - | - | - | - | - |
| Benchmark | 2.37 | 1.49 | -1.62 | -0.44 | - | - | - | - | - | - |
| Abstände | 0.15 | 0.07 | -0.73 | -0.46 | - | - | - | - | - | - |

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 |
| US Treasury Inflation Idx Bonds 0.125% 01/15/2023 | 14.77 | Vereinigte Staaten Von Amerika | 1.3 | 0.19 |
| US Treasury Inflation Idx Bonds 0.125% 10/15/2024 | 6.09 | Vereinigte Staaten Von Amerika | 3.1 | 0.19 |
| US Treasury Inflation Idx Bonds 0.625% 04/15/2023 | 5.65 | Vereinigte Staaten Von Amerika | 1.5 | 0.09 |
| US Treasury Inflation Idx Bonds 0.375% 07/15/2023 | 4.79 | Vereinigte Staaten Von Amerika | 1.8 | 0.09 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2022 | 4.42 | Vereinigte Staaten Von Amerika | 0.8 | 0.04 |
| German Inflation Linked Bond 0.1% 04/15/2023 | 4.39 | Deutschland | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 4.20 | Frankreich | 2.9 | 0.12 |
| US Treasury Inflation Idx Bonds 0.625% 01/15/2024 | 4.18 | Vereinigte Staaten Von Amerika | 2.3 | 0.10 |
| US Treasury Inflation Idx Bonds 0.25% 01/15/2025 | 4.12 | Vereinigte Staaten Von Amerika | 3.3 | 0.14 |
| US Treasury Inflation Idx Bonds 0.125% 07/15/2024 | 4.05 | Vereinigte Staaten Von Amerika | 2.8 | 0.11 |
| Summe (%) | 56.68 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
Treasury	97.34	100.00	4
Liquide Mittel	2.66	0.00	3
2
1
0
Treasury
Port.	2.6
Bench.	3.1

## Geographische Ausrichtung (%)
Portfolio	Benchmark

## Beitrag zur Duration nach Land
2.5
Vereinigte Staaten Von Amerika	56.55	62.62
Großbritannien	10.80	10.31
Frankreich	8.62	6.70
Italien	8.38	7.49
Deutschland	6.37	3.90
Japan	2.91	4.52
Spanien	2.24	2.19
Australien	1.06	0.71
Sonstige	0.41	0.39
Liquide Mittel	2.66	0.00
2.0
1.5
1.0
0.5
Vereinigte Staaten
Von Amerika
Großbritannien
Frankreich
Italien
Japan
Spanien
Sonstige
0.0
Port.	1.6	0.3	0.3	0.2	0.2	0.1	-
Bench.	2.0	0.3	0.2	0.2	0.2	0.1	0.2

## Engagement nach Laufzeit (%)
80
60
40
20
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre
Portfolio	2.66	4.71	61.03	30.56	0.15	0.88
Benchmark	-	-	47.09	52.91	-	-

## Engagement nach Rating (%)
80
60
40
20
0	AAA	AA	A	BBB	Liquide Mittel
Portfolio	64.39	19.42	5.16	8.38	2.66
Benchmark	68.79	17.01	6.71	7.49	-

## Engagement nach Währung (%)
80
60
40
20
0	USD	EUR	GBP	JPY	AUD	NZD	CAD	SEK	DKK
Portfolio	58.10	26.31	11.09	2.99	1.09	0.27	0.15	-	-
Benchmark	62.62	20.29	10.31	4.52	0.71	0.39	-	0.78	0.39