# Performance & Risk
## Performance Evolution (USD)
Assets Under Management (M)
CNH

### 353.44
Linear Average Rating	A
Mod. Duration	2.47
Mod. Duration To Worst	2.55
Yield To Worst (%)	3.36
Number of Holdings	64
Number of Issuers	36

## Fund Profile
120
115
110
105
100
95
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 89.6% (not meaningful for coverage below 50%)
Portfolio* (12.33%)
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* (%) | 3.79 | 5.20 | - | 5.50 |
| Sharpe Ratio | -0.08 | 0.78 | - | 0.58 |


## 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* | -0.80 | -1.38 | -2.43 | -1.70 | 12.33 | - | -1.22 | 11.33 | 2.14 | -0.98 | - | 15.97 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.16 | 11.84 | 5.30 | -1.76 | - | - | - | - | - | - |

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 |
| China Development Bank Corp 3.07% 03/24/2024 | 11.82 | China | 1.9 | 0.23 |
| Hong Kong Government Intl Bond 3% 11/30/2026 | 8.63 | Hong Kong | 4.4 | 0.38 |
| NANJING METRO 3.48% 26/04/2024 | 5.92 | China | 2.0 | 0.12 |
| Export-Import Bank of China 2.93% 03/02/2025 | 5.88 | China | 2.8 | 0.16 |
| Agricultural Deve Bank of China 2.25% 04/22/2025 | 5.70 | China | 3.0 | 0.17 |
| Guangzhou Metro Investment Fin 1.58% 09/23/2026 | 3.10 | China | 4.3 | 0.13 |
| Export-Import Bank of China 4.37% 06/19/2023 | 2.99 | China | 1.2 | 0.04 |
| Agricultural Deve Bank of China 3.51% 04/03/2024 | 2.98 | China | 2.0 | 0.06 |
| SHENZHEN METRO 3.5% 02/03/2024 | 2.97 | China | 1.9 | 0.06 |
| State Grid Corp of China 3.32% 03/30/2023 | 2.94 | China | 1.0 | 0.03 |
| Total (%) | 52.92 |  |  |  |

| Sector Breakdown (%) |  |
| --- | --- |
|  | Portfolio |
| Quasi & Foreign Gvt | 42.43 |
| Industrials | 20.43 |
| Not Classified | 18.11 |
| Financial | 12.83 |
| Utility | 4.21 |
| Cash | 1.99 |


## Contribution to duration by sector
1.2
1.0
0.8
0.6
0.4
0.2
Quasi &
Foreign Gvt
Industrials
Financial
Not
Classified
Utility
0.0
Port.	1.1	0.5	0.5	0.3	0.1
| Securities Exposure by geographical area (%) |  |
| --- | --- |
|  | Portfolio |
| China | 77.03 |
| Hong Kong | 11.80 |
| Portugal | 2.92 |
| South Korea | 2.46 |
| Qatar | 1.75 |
| Other | 2.05 |
| Cash | 1.99 |


## Contribution to Duration by Geography
2.1
1.8
1.5
1.2
0.9
0.6
0.3
0.0
China	Hong Kong
South Korea
Qatar	Other
Port.	1.8	0.5	0.1	0.1	0.1

## Maturity Breakdown (%)
60
50
40
30
20
10
| 0 | 0-1 year | 1-3 years | 3-5 years | 5-7 years | 7-10 years |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 6.74 | 49.99 | 42.21 | 0.70 | 0.37 |


## Rating Breakdown (%)
45
40
35
30
25
20
15
10
5
| 0 | AA | A | BBB | BB | B | NR | Cash |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 9.84 | 42.85 | 15.92 | 3.95 | 1.92 | 23.52 | 1.99 |


## Currency Breakdown (%)
70
60
50
40
30
20
10
0	CNY	USD	CNH
Portfolio	65.31	31.24	3.45

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
120
115
110
105
100
95
CNH
353.44
Mod. Duration	2.47
Mod. Duration To Worst	2.55
Yield-to-Worst (%)	3.36
Anzahl Positionen	64
Anzahl Emittenten	36

## Fonds-Profile
ESG-Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 89.6% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
28/02/19
28/08/19
28/02/20
28/08/20
28/02/21
28/08/21
28/02/22
Portfolio* (12.33%)
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* (%) | 3.79 | 5.20 | - | 5.50 |
| Sharpe Ratio | -0.08 | 0.78 | - | 0.58 |


## Wertentwicklung (Brutto, Netto in %)
12
8
4
0
-4	28/02/2018 - 28/02/2019	28/02/2019 - 28/02/2020	28/02/2020 - 28/02/2021	28/02/2021 - 28/02/2022
| Brutto-Wertentwicklung | -0.98 | 2.14 | 11.33 | -1.22 |
| --- | --- | --- | --- | --- |
| Netto-Wertentwicklung | -0.98 | 2.14 | 11.33 | -1.22 |

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* | -0.80 | -1.38 | -2.43 | -1.70 | 12.33 | - | -1.22 | 11.33 | 2.14 | -0.98 | - | 15.97 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 1.16 | 11.84 | 5.30 | -1.76 | - | - | - | - | - | - |

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 |
| China Development Bank Corp 3.07% 03/24/2024 | 11.82 | China | 1.9 | 0.23 |
| Hong Kong Government Intl Bond 3% 11/30/2026 | 8.63 | Hong-Kong | 4.4 | 0.38 |
| NANJING METRO 3.48% 26/04/2024 | 5.92 | China | 2.0 | 0.12 |
| Export-Import Bank of China 2.93% 03/02/2025 | 5.88 | China | 2.8 | 0.16 |
| Agricultural Deve Bank of China 2.25% 04/22/2025 | 5.70 | China | 3.0 | 0.17 |
| Guangzhou Metro Investment Fin 1.58% 09/23/2026 | 3.10 | China | 4.3 | 0.13 |
| Export-Import Bank of China 4.37% 06/19/2023 | 2.99 | China | 1.2 | 0.04 |
| Agricultural Deve Bank of China 3.51% 04/03/2024 | 2.98 | China | 2.0 | 0.06 |
| SHENZHEN METRO 3.5% 02/03/2024 | 2.97 | China | 1.9 | 0.06 |
| State Grid Corp of China 3.32% 03/30/2023 | 2.94 | China | 1.0 | 0.03 |
| Summe (%) | 52.92 |  |  |  |


## Sektorengewichtung (%)	Beitrag zur Duration nach Sektor
Portfolio
Quasi & Foreign Gvt	42.43
Industrie	20.43
Ohne Zuordnung	18.11
Finanzen	12.83
Versorgungsbetr.	4.21
Ohne Zuordnung
Versorgungsbetr.
Liquide Mittel	1.99
1.2
1.0
0.8
0.6
0.4
0.2
Quasi & Foreign
Gvt
Industrie
Finanzen
0.0
Port.	1.1	0.5	0.5	0.3	0.1

## Geographische Ausrichtung (%)	Beitrag zur Duration nach Land
Portfolio
China	77.03
Hong-Kong	11.80
Portugal	2.92
Südkorea	2.46
Qatar	1.75
Sonstige	2.05
Liquide Mittel	1.99
2.1
1.8
1.5
1.2
0.9
0.6
0.3
China
Hong-Kong
Südkorea
Qatar
Sonstige
0.0
Port.	1.8	0.5	0.1	0.1	0.1

## Engagement nach Laufzeit (%)
60
50
40
30
20
10
| 0 | 0-1 Jahre | 1-3 Jahre | 3-5 Jahre | 5-7 Jahre | 7-10 Jahre |
| --- | --- | --- | --- | --- | --- |
| Portfolio | 6.74 | 49.99 | 42.21 | 0.70 | 0.37 |


## Engagement nach Rating (%)
45
40
35
30
25
20
15
10
5
| 0 | AA | A | BBB | BB | B | NR | Liquide Mittel |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | 9.84 | 42.85 | 15.92 | 3.95 | 1.92 | 23.52 | 1.99 |


## Engagement nach Währung (%)
70
60
50
40
30
20
10
0	CNY	USD	CNH
Portfolio	65.31	31.24	3.45