# Performance & Risk
## Performance Evolution (EUR)
ESG Relative Rating
% of AUM covered by ESG absolute rating: Portfolio = 96.0% Benchmark = 97.7% (not meaningful for coverage below 50%)
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103
102
101
100
99
98
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (1.51%)	Benchmark (2.21%)
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* (%) | 0.53 | 1.70 | 1.58 | 2.23 |
| Benchmark Volatility (%) | 0.60 | 1.33 | 1.28 | 2.11 |
| Relative Risk/Tracking Error  (%) | 0.38 | 0.59 | 0.61 | 0.79 |
| Sharpe Ratio | 2.12 | 1.04 | 0.57 | 1.02 |
| Information Ratio | 1.45 | 1.06 | 0.35 | -0.06 |
| 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* | -0.10 | -0.14 | -0.33 | -0.51 | 1.51 | -1.70 | -0.19 | 0.00 | 1.70 | -2.75 | -0.43 | 40.26 |
| Benchmark | -0.22 | -0.03 | -0.09 | -0.29 | 2.21 | 1.47 | 0.10 | -0.18 | 2.29 | -0.65 | -0.07 | 58.92 |
| Excess Return | 0.12 | -0.11 | -0.23 | -0.22 | -0.69 | -3.16 | -0.29 | 0.18 | -0.59 | -2.09 | -0.36 | -18.66 |


## Annual Calendar Performance (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.71 | 1.33 | -2.49 | -0.28 | 1.08 | 0.29 | 5.77 | 1.74 | 7.47 | 3.11 |
| Benchmark | 0.73 | 1.27 | -0.17 | 0.33 | 1.83 | 1.11 | 5.30 | 2.38 | 8.86 | 3.61 |
| Excess Return | -0.02 | 0.06 | -2.32 | -0.61 | -0.75 | -0.81 | 0.48 | -0.63 | -1.39 | -0.50 |

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 |
| Italy (Republic of) 1.85% 07/01/2025 | 5.74 | Italy | 3.6 | 0.21 |
| France Government Bond OAT 1.75% 11/25/2024 | 4.59 | France | 3.1 | 0.14 |
| Italy (Republic of) 4.5% 03/01/2024 | 4.52 | Italy | 2.3 | 0.10 |
| France Government Bond OAT 1.75% 05/25/2023 | 4.22 | France | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.43 | France | 2.9 | 0.10 |
| Portugal Obrigacoes do Tesouro 2.875% 07/21/2026 | 2.82 | Portugal | 4.6 | 0.13 |
| Belgium Government Bond 0.5% 10/22/2024 | 2.56 | Belgium | 3.0 | 0.08 |
| Spain Government Bond 1.6% 04/30/2025 | 2.27 | Spain | 3.5 | 0.08 |
| Spain Government Bond 4.8% 01/31/2024 | 2.23 | Spain | 2.2 | 0.05 |
| Spain Government Bond 0.8% 07/30/2027 | 1.65 | Spain | 5.7 | 0.09 |
| Total (%) | 34.03 |  |  |  |


## Sector Breakdown (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Sovereign | 38.24 | 49.47 |
| Financial | 20.37 | 11.47 |
| Industrials | 18.64 | 13.00 |

Quasi & Foreign Gvt	12.31	15.76
Utility	5.32	2.00
Covered	2.79	8.26
Cash	2.32	0.00

## Contribution to duration by sector
1.5
1.2
0.9
0.6
0.3
Sovereign
Financial
Industrials
Quasi &
Foreign Gvt
Utility
Other
0.0
Port.	0.7	0.5	0.5	0.4	0.2	-
Bench.	1.4	0.3	0.4	0.4	0.1	0.2

## Geographical Breakdown (%)	Contribution to Duration by Geography
Portfolio	Benchmark
France	31.36	21.93
Spain	16.30	10.34
Italy	15.25	14.55
Germany	6.90	19.36
Portugal	4.96	0.18
United States	3.83	4.18
Belgium	3.58	2.84
Ireland	2.57	1.25
China	2.51	0.35
Netherlands	2.21	4.56
Other	8.19	13.20
Cash	2.32	0.00
0.8
0.6
0.4
0.2
Spain
Italy
Germany
France
Portugal
Belgium
United States
Netherlands
China
Other
0.0
Port.	0.5	0.4	0.3	0.3	0.2	0.1	0.1	0.1	0.1	0.3
Bench. 0.3	0.4	0.5	0.6	-	0.1	0.1	0.1	-	0.6

## Maturity Breakdown (%)
60
50
40
30
20
10
0	Cash	0-1 year	1-3 years	3-5 years	5-7 years	7-10 years	+20 years
| Portfolio | 2.32 | 4.96 | 45.35 | 38.02 | 3.70 | 3.88 | 1.77 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Benchmark | - | 0.08 | 50.32 | 48.00 | 0.56 | 0.63 | 0.41 |


## Rating Breakdown (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Cash
| Portfolio | 2.79 | 24.21 | 17.21 | 49.28 | 4.20 | 2.32 |
| --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 24.47 | 28.77 | 15.38 | 30.79 | 0.58 | - |


## 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)
Relatives ESG Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 96.0% Benchmark = 97.7% (nicht bedeutend bei einer Abdeckung von weniger als 50 %)
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|  |  |  |  |  |  |
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103
102
101
100
99
98
28/09/18
30/03/19
30/09/19
30/03/20
30/09/20
30/03/21 30/09/21
Portfolio* (1.51%)	Benchmark (2.21%)
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* (%) | 0.53 | 1.70 | 1.58 | 2.23 |
| Benchmark Volatilität (%) | 0.60 | 1.33 | 1.28 | 2.11 |
| Relatives Risiko/Tracking Error  (%) | 0.38 | 0.59 | 0.61 | 0.79 |
| Sharpe Ratio | 2.12 | 1.04 | 0.57 | 1.02 |
| Information Ratio | 1.45 | 1.06 | 0.35 | -0.06 |
| Wertentwicklung (Brutto, Netto in %) |  |  |  |  |

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 | -0.43 | -2.75 | 1.70 | - | -0.19 |  |
|  | Netto-Wertentwicklung | -3.33 | -2.75 | 1.70 | - | -0.19 |  |

-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* | -0.10 | -0.14 | -0.33 | -0.51 | 1.51 | -1.70 | -0.19 | 0.00 | 1.70 | -2.75 | -0.43 | 40.26 |
| Benchmark | -0.22 | -0.03 | -0.09 | -0.29 | 2.21 | 1.47 | 0.10 | -0.18 | 2.29 | -0.65 | -0.07 | 58.92 |
| Abstände | 0.12 | -0.11 | -0.23 | -0.22 | -0.69 | -3.16 | -0.29 | 0.18 | -0.59 | -2.09 | -0.36 | -18.66 |

Wertentwicklung im Kalenderjahr (%)
|  | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 0.71 | 1.33 | -2.49 | -0.28 | 1.08 | 0.29 | 5.77 | 1.74 | 7.47 | 3.11 |
| Benchmark | 0.73 | 1.27 | -0.17 | 0.33 | 1.83 | 1.11 | 5.30 | 2.38 | 8.86 | 3.61 |
| Abstände | -0.02 | 0.06 | -2.32 | -0.61 | -0.75 | -0.81 | 0.48 | -0.63 | -1.39 | -0.50 |

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 |
| Italy (Republic of) 1.85% 07/01/2025 | 5.74 | Italien | 3.6 | 0.21 |
| France Government Bond OAT 1.75% 11/25/2024 | 4.59 | Frankreich | 3.1 | 0.14 |
| Italy (Republic of) 4.5% 03/01/2024 | 4.52 | Italien | 2.3 | 0.10 |
| France Government Bond OAT 1.75% 05/25/2023 | 4.22 | Frankreich | 1.6 | 0.07 |
| France Government Bond OAT 0.25% 07/25/2024 | 3.43 | Frankreich | 2.9 | 0.10 |
| Portugal Obrigacoes do Tesouro 2.875% 07/21/2026 | 2.82 | Portugal | 4.6 | 0.13 |
| Belgium Government Bond 0.5% 10/22/2024 | 2.56 | Belgien | 3.0 | 0.08 |
| Spain Government Bond 1.6% 04/30/2025 | 2.27 | Spanien | 3.5 | 0.08 |
| Spain Government Bond 4.8% 01/31/2024 | 2.23 | Spanien | 2.2 | 0.05 |
| Spain Government Bond 0.8% 07/30/2027 | 1.65 | Spanien | 5.7 | 0.09 |
| Summe (%) | 34.03 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio	Benchmark
Sovereign	38.24	49.47
Finanzen	20.37	11.47
Industrie	18.64	13.00
Quasi & Foreign Gvt	12.31	15.76
Versorgungsbetr.	5.32	2.00
Covered	2.79	8.26
Liquide Mittel	2.32	0.00
1.5
1.2
0.9
0.6
0.3
Sovereign
Finanzen
Industrie
Quasi & Foreign
Gvt
Versorgungsbetr.
Sonstige
0.0
Port.	0.7	0.5	0.5	0.4	0.2	-
Bench.	1.4	0.3	0.4	0.4	0.1	0.2

## Geographische Ausrichtung (%)
|  | Portfolio | Benchmark |
| --- | --- | --- |
| Frankreich | 31.36 | 21.93 |
| Spanien | 16.30 | 10.34 |
| Italien | 15.25 | 14.55 |
| Deutschland | 6.90 | 19.36 |

Portugal	4.96	0.18
Vereinigte Staaten Von Amerika	3.83	4.18
Belgien	3.58	2.84
Irland	2.57	1.25
China	2.51	0.35
Niederlande	2.21	4.56
Sonstige	8.19	13.20
Liquide Mittel	2.32	0.00

## Beitrag zur Duration nach Land
0.8
0.6
0.4
0.2
Spanien
Italien
Deutschland
Frankreich
Portugal
Belgien
Vereinigte Staaten
Von Amerika
Niederlande
China
Sonstige
0.0
Port.	0.5	0.4	0.3	0.3	0.2	0.1	0.1	0.1	0.1	0.3
Bench. 0.3	0.4	0.5	0.6	-	0.1	0.1	0.1	-	0.6

## Engagement nach Laufzeit (%)
60
50
40
30
20
10
0	Liquide Mittel	0-1 Jahre	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	+20 Jahre
Portfolio	2.32	4.96	45.35	38.02	3.70	3.88	1.77
Benchmark	-	0.08	50.32	48.00	0.56	0.63	0.41

## Engagement nach Rating (%)
60
50
40
30
20
10
0	AAA	AA	A	BBB	BB	Liquide Mittel
| Portfolio | 2.79 | 24.21 | 17.21 | 49.28 | 4.20 | 2.32 |
| --- | --- | --- | --- | --- | --- | --- |
| Benchmark | 24.47 | 28.77 | 15.38 | 30.79 | 0.58 | - |


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