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

### 345.19
ESG Rating
% of AUM covered by ESG absolute rating: Portfolio = 98.9% (not meaningful for coverage below 50%)
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130
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
Portfolio* (16.76%)
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* (%) | 3.42 | 8.03 | - | 8.53 |
| Sharpe Ratio | 0.81 | 0.70 | - | 0.80 |


## 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 | -0.87 | -1.78 | -2.86 | 16.76 | - | 1.71 | 9.63 | 4.72 | - | - | 22.77 |

Annual Calendar Performance (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.24 | 8.06 | 14.79 | - | - | - | - | - | - | - |

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 |  |
| --- | --- |
| Fund Key Metrics |
|  | Portfolio |
| Cash | 3.4 |
| Cost of Financing | 1.35 |
| Gross Exposure | 230 |
| Number of holdings | 175 |
| Number of Issuers | 128 |
| Years to Maturity | 3.9 |
| Yield To Worst - Levered 1 | 9.64 |
| Yield To Worst - Unlevered | 4.95 |

|  | Portfolio |
| --- | --- |
| Current Yield - Levered1 | 11.52 |
| Current Yield - Unlevered | 5.77 |
| Duration to Worst - Levered 2 | 4.8 |
| Duration to Worst - Unlevered | 2.1 |
| Average Coupon | 5.84 |
| Option Adjusted Spread | 315 |

1Levered Yield = Unlevered Yield + (Debt/Equity)*(Unlevered YTW - Cost of financing)
2Levered DTW= Unlevered DTW * Gross Exposure.
| Sector Breakdown (%) * |  |
| --- | --- |
|  | Portfolio |
| Services | 20.40 |
| Capital Goods | 11.74 |
| Healthcare | 9.61 |
| Media | 9.23 |
| Consumer Goods | 7.47 |
| Retail | 6.33 |
| Telecommunications | 5.65 |
| Real Estate | 5.49 |
| Basic Industry | 4.95 |
| Technology & Electronics | 4.61 |
| Leisure | 4.40 |
| Energy | 4.13 |
| Financial Services | 3.83 |
| Transportation | 1.36 |
| Insurance | 0.81 |
| Automotive | 0.00 |
| Banking | 0.00 |
| Utility | 0.00 |
| Rating Breakdown (%) * |  |

50
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5
0	A	BBB	BB	B	CCC or under	Not Rated
Portfolio	-	0.12	43.90	42.16	12.18	1.64

## Maturity Breakdown (%) *
80
70
60
50
40
30
20
10
0	Less than 1 Year	1-3 years	3-5 years	5-7 years	7-10 years	Over 10 Years
| Portfolio | 0.07 | 13.18 | 69.93 | 16.82 |  | -	- |
| --- | --- | --- | --- | --- | --- | --- |
| Top 10 Holdings * |  |  |  |  |  |  |
| Issuer | Coupon (%) | Maturity | Industry | Rating | Duration to Worst | Weight (%) |
| B&G Foods, Inc. | 5.250 | 04/01/2025 | Food - Wholesale | B2 | 1.02 | 1.50 |
| CD&R Smokey Buyer, Inc. | 6.750 | 15/07/2025 | Personal & Household Products | B2 | 2.16 | 1.49 |
| Aramark Services, Inc. | 6.375 | 05/01/2025 | Support-Services | B1 | 1.97 | 1.46 |
| BWAY Holding Co., Inc. | 5.500 | 15/04/2024 | Packaging | B3 | 1.94 | 1.46 |
| Ardagh Packaging Finance PLC | 5.250 | 30/04/2025 | Packaging | BB3 | 1.99 | 1.38 |
| Nielsen Company (Luxembourg) SARL | 5.000 | 02/01/2025 | Support-Services | B1 | 0.89 | 1.36 |
| Matthews International Corporation | 5.250 | 12/01/2025 | Support-Services | B2 | 1.64 | 1.36 |
| KAR Auction Services, Inc. | 5.125 | 06/01/2025 | Support-Services | CCC1 | 1.19 | 1.34 |
| Gray Television, Inc. | 5.875 | 15/07/2026 | Media Content | B2 | 1.30 | 1.32 |
| Herbalife Nutrition Ltd. | 7.875 | 09/01/2025 | Food - Wholesale | B1 | 2.26 | 1.32 |
| Geographical Breakdown (%) * |  |  |  |  |  |  |
|  |  |  |  |  |  | Portfolio |
| United States |  |  |  |  |  | 91.59 |
| Canada |  |  |  |  |  | 2.29 |
| Ireland |  |  |  |  |  | 2.18 |
| Netherlands |  |  |  |  |  | 1.94 |
| France |  |  |  |  |  | 0.84 |
| Germany |  |  |  |  |  | 0.50 |
| United Kingdom |  |  |  |  |  | 0.49 |
| Poland |  |  |  |  |  | 0.16 |


## Currency Breakdown (%)
120
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100
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20
0
USD
Portfolio	100

Translation (ENDE, 2022-02-28):
# Wertentwicklung & Risiken
Wertentwicklung (USD)
Nettovermögen (M)
USD

### 345.19
ESG-Rating
% des verwalteten Vermögens, das vom absoluten ESG-Rating abgedeckt wird: Portfolio = 98.9% (nicht bedeutend bei einer Abdeckung von weniger als 50
%)
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130
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
Portfolio* (16.76%)
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* (%) | 3.42 | 8.03 | - | 8.53 |
| Sharpe Ratio | 0.81 | 0.70 | - | 0.80 |


## Wertentwicklung (Brutto, Netto in %)
12
9
6
3
0	28/02/2019 - 28/02/2020	28/02/2020 - 28/02/2021	28/02/2021 - 28/02/2022
Brutto-Wertentwicklung	4.72	9.63	1.71
Netto-Wertentwicklung	4.72	9.63	1.71
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 | -0.87 | -1.78 | -2.86 | 16.76 | - | 1.71 | 9.63 | 4.72 | - | - | 22.77 |

Wertentwicklung im Kalenderjahr (%)
|  | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio* | 5.24 | 8.06 | 14.79 | - | - | - | - | - | - | - |

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 |  |
| --- | --- |
| Fondsindikatoren |
|  | Portfolio |
| Liquide Mittel | 3.4 |
| Cost of Financing | 1.35 |
| Gross Exposure | 230 |
| Anzahl von Positionen | 175 |
| Anzahl Emittenten | 128 |
| Years to Maturity | 3.9 |
| Yield To Worst - Levered 1 | 9.64 |
| Yield To Worst - Unlevered | 4.95 |

|  | Portfolio |
| --- | --- |
| Current Yield - Levered1 | 11.52 |
| Current Yield - Unlevered | 5.77 |
| Duration to Worst - Levered 2 | 4.8 |
| Duration to Worst - Unlevered | 2.1 |
| Durchschnittlicher Coupon | 5.84 |
| Optionsangepasster Spread | 315 |

2gehebelte Rendite = nicht gehebelte Rendite + Verschuldungsgrad * (nicht gehebelte YTW – Finanzierungskosten)
3gehebelte DTW = nicht gehebelte DTW * Brutto Exposure
| Sektorengewichtung (%) * |  |
| --- | --- |
|  | Portfolio |
| Dienste | 20.40 |
| Investitionsgüter | 11.74 |
| Gesundheitspflege | 9.61 |
| Media | 9.23 |
| Verbraucher | 7.47 |
| Einzelhandel | 6.33 |
| Telekommunikation | 5.65 |
| Regular Pfandbriefe | 5.49 |
| Basisindustrie | 4.95 |
| Technologie und Elektronik | 4.61 |
| Freizeit | 4.40 |
| Energie | 4.13 |
| Finanzdienstleistungen | 3.83 |
| Beförderung | 1.36 |
| Versicherung | 0.81 |
| Automobil | 0.00 |
| Bankgeschäfte | 0.00 |
| Versorgungsbetriebe | 0.00 |
| Engagement nach Rating (%)* |  |

50
45
40
35
30
25
20
15
10
5
0	A	BBB	BB	B	CCC oder unter	Nicht bewertet
Portfolio	-	0.12	43.90	42.16	12.18	1.64

## Engagement nach Laufzeit (%)*
80
70
60
50
40
30
20
10
0	Weniger als 1 Jahr	1-3 Jahre	3-5 Jahre	5-7 Jahre	7-10 Jahre	Über 10 Jahre
Portfolio	0.07	13.18	69.93	16.82	-	-

## Top 10 Positionen *
Emittent	Ausschüttung (%)  Fälligkeit	Sektor Rating Duration to Worst Gewichtung (
| B&G Foods, Inc. | 5.250 04/01/2025 | Lebensmittelgrosshandel | B2 | 1.02 | 1 |
| --- | --- | --- | --- | --- | --- |
| CD&R Smokey Buyer, Inc. | 6.750 15/07/2025 Haushalts- | und Körperpflegeprodukte | B2 | 2.16 | 1 |
| Aramark Services, Inc. | 6.375 05/01/2025 | Support-Service | B1 | 1.97 | 1 |
| BWAY Holding Co., Inc. | 5.500 15/04/2024 | Verpackung | B3 | 1.94 | 1 |
| Ardagh Packaging Finance PLC | 5.250 30/04/2025 | Verpackung | BB3 | 1.99 | 1 |
| Nielsen Company (Luxembourg) SARL | 5.000 02/01/2025 | Support-Service | B1 | 0.89 | 1 |
| Matthews International Corporation | 5.250 12/01/2025 | Support-Service | B2 | 1.64 | 1 |
| KAR Auction Services, Inc. | 5.125 06/01/2025 | Support-Service | CCC1 | 1.19 | 1 |
| Gray Television, Inc. | 5.875 15/07/2026 | Medieninhalte | B2 | 1.30 | 1 |
| Herbalife Nutrition Ltd. | 7.875 09/01/2025 | Lebensmittelgrosshandel | B1 | 2.26 | 1 |
| Geographische Ausrichtung (%) * |  |  |  |  |  |
|  |  |  |  |  | Portfolio |
| Vereinigten Staaten |  |  |  |  | 91.59 |
| Kanada |  |  |  |  | 2.29 |
| Irland |  |  |  |  | 2.18 |
| Niederlande |  |  |  |  | 1.94 |
| Frankreich |  |  |  |  | 0.84 |
| Deutschland |  |  |  |  | 0.50 |
| Großbritannien |  |  |  |  | 0.49 |
| Polen |  |  |  |  | 0.16 |


## Engagement nach Währung (%)
120
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100
80
60
40
20
0
USD
Portfolio	100